Aging and pensions in general equilibrium: Labor market imperfections matter

被引：40
作者：
de la Croix, David [2 ,3 ]
Pierrard, Olivier [3 ,4 ]
Sneessens, Henri R. [1 ,3 ,5 ]
机构：
[1] Univ Luxembourg, CREA, L-1511 Luxembourg, Luxembourg
[2] Catholic Univ Louvain, CORE, Louvain, Belgium
[3] Catholic Univ Louvain, IRES, Louvain, Belgium
[4] Banque Cent Luxembourg, Luxembourg, Luxembourg
[5] IZA, Bonn, Germany
来源：
JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2013年 / 37卷 / 01期
关键词：
Overlapping generations; Search unemployment; Labor force participation; Aging; Pensions; Labor market; GLOBAL DEMOGRAPHIC-TRENDS; SOCIAL-SECURITY REFORM; RETIREMENT; JOB; EMPLOYMENT; FLOWS;
D O I：
10.1016/j.jedc.2012.06.011
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We re-examine the effects of population aging and pension reforms in an OLG model with labor market frictions. The most important feature brought about by labor market frictions is the connection between the interest rate and the unemployment rate. Exogenous shocks (such as aging) leading to lower interest rates also imply lower equilibrium unemployment rates, because lower capital costs stimulate labor demand and induce firms to advertise more vacancies. These effects may be reinforced by increases in the participation rate of older workers, induced by the higher wage rates and the larger probability of finding a job. These results imply that neglecting labor market frictions and employment rate dynamics may seriously bias the evaluation of pension reforms when they have an impact on the equilibrium interest rate. (C) 2012 Elsevier B.V. All rights reserved.
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页码：104 / 124
页数：21
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