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Pension reform, employment by age, and long-run growth

Tim Buyse (UGent) , Freddy Heylen (UGent) and Renaat Van de Kerckhove (UGent)
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Abstract
We study the effects of pension reform on hours worked by three active generations, education of the young, the retirement decision of older workers, and aggregate growth in a four-period OLG model. The model explains important facts well for many OECD countries. Our simulation results prefer an intelligent pay-as-you-go system above a fully funded private system. Positive effects on employment and growth are the strongest when the pay-as-you-go system includes a tight link between individual labor income and the pension, and when it attaches a high weight to labor income earned as an older worker to compute the pension assessment base.
Keywords
ENDOGENOUS GROWTH, SOCIAL-SECURITY, Pension reform, Overlapping generations, MODEL, LABOR, Retirement, INCOME INEQUALITY, OECD COUNTRIES, FISCAL-POLICY, ECONOMIC-DEVELOPMENT, PRIVATE INVESTMENT, CAPITAL ACCUMULATION

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Citation

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MLA
Buyse, Tim, Freddy Heylen, and Renaat Van de Kerckhove. “Pension Reform, Employment by Age, and Long-run Growth.” JOURNAL OF POPULATION ECONOMICS 26.2 (2013): 769–809. Print.
APA
Buyse, Tim, Heylen, F., & Van de Kerckhove, R. (2013). Pension reform, employment by age, and long-run growth. JOURNAL OF POPULATION ECONOMICS, 26(2), 769–809.
Chicago author-date
Buyse, Tim, Freddy Heylen, and Renaat Van de Kerckhove. 2013. “Pension Reform, Employment by Age, and Long-run Growth.” Journal of Population Economics 26 (2): 769–809.
Chicago author-date (all authors)
Buyse, Tim, Freddy Heylen, and Renaat Van de Kerckhove. 2013. “Pension Reform, Employment by Age, and Long-run Growth.” Journal of Population Economics 26 (2): 769–809.
Vancouver
1.
Buyse T, Heylen F, Van de Kerckhove R. Pension reform, employment by age, and long-run growth. JOURNAL OF POPULATION ECONOMICS. 2013;26(2):769–809.
IEEE
[1]
T. Buyse, F. Heylen, and R. Van de Kerckhove, “Pension reform, employment by age, and long-run growth,” JOURNAL OF POPULATION ECONOMICS, vol. 26, no. 2, pp. 769–809, 2013.
@article{3117357,
  abstract     = {We study the effects of pension reform on hours worked by three active generations, education of the young, the retirement decision of older workers, and aggregate growth in a four-period OLG model. The model explains important facts well for many OECD countries. Our simulation results prefer an intelligent pay-as-you-go system above a fully funded private system. Positive effects on employment and growth are the strongest when the pay-as-you-go system includes a tight link between individual labor income and the pension, and when it attaches a high weight to labor income earned as an older worker to compute the pension assessment base.},
  author       = {Buyse, Tim and Heylen, Freddy and Van de Kerckhove, Renaat},
  issn         = {0933-1433},
  journal      = {JOURNAL OF POPULATION ECONOMICS},
  keywords     = {ENDOGENOUS GROWTH,SOCIAL-SECURITY,Pension reform,Overlapping generations,MODEL,LABOR,Retirement,INCOME INEQUALITY,OECD COUNTRIES,FISCAL-POLICY,ECONOMIC-DEVELOPMENT,PRIVATE INVESTMENT,CAPITAL ACCUMULATION},
  language     = {eng},
  number       = {2},
  pages        = {769--809},
  title        = {Pension reform, employment by age, and long-run growth},
  url          = {http://dx.doi.org/10.1007/s00148-012-0416-x},
  volume       = {26},
  year         = {2013},
}

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