| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7184 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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