G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7184
DP7184 The Deep Pocket Effect of Internal Capital Markets
Chiara Fumagalli; Giovanni Pica; Xavier Boutin; Nicolas Serrano-Velarde
发表日期2009-02-23
出版年2009
语种英语
摘要We study the effect of a declining labor force on the incentives to engage in labor-saving technical change and ask how this effect is influenced by institutional characteristics of the pension scheme. When labor is scarcer it becomes more expensive and innovation investments that increase labor productivity are more profitable. We incorporate this channel in a new dynamic general equilibrium model with endogenous economic growth and heterogeneous overlapping generations. We calibrate the model for the US economy. First, we establish that the net effect of a decline in population growth on the growth rate of per-capita magnitudes is positive and quantitatively significant. Second, we find that the pension system matters both for the growth performance and for individual welfare. Third, we show that the assessment of pension reform proposals may be different in an endogenous growth framework as opposed to the standard framework with exogenous growth.
主题Industrial Organization ; Public Economics
关键词Growth Demographic transition Capital accumulation Pension reform
URLhttps://cepr.org/publications/dp7184
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/536021
推荐引用方式
GB/T 7714
Chiara Fumagalli,Giovanni Pica,Xavier Boutin,et al. DP7184 The Deep Pocket Effect of Internal Capital Markets. 2009.
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