English, Article, Journal or magazine article edition: How should retirement policy adjust to the baby bust ? de la Croix, David; Mahieu, GŽraldine; Rillaers, Alexandra

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Bookmark: http://trove.nla.gov.au/version/3969
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • How should retirement policy adjust to the baby bust ?
Author
  • de la Croix, David
  • Mahieu, GŽraldine
  • Rillaers, Alexandra
Physical Description
  • preprint
Notes
  • To cope with the observed drop in fertility, four policy options are generally considered : lowering pension benefits, increasing social security contributions, postponing retirement, and reducing public debt in advance. To assess the respective merits of these options, we analyze the optimal allocation of resources in an overlapping generations economy where old agents care about leisure. We characterize the decentralization of the optimum both when the retirement age is compulsory and when it results from a private decision. We conclude that the policy recommendation of postponing retirement is not robust to a wide class of preferences and technologies. In contrast, policies aimed at increasing capital through a reduction in public debt are more robust.
  • pensions; fertility; debt; first-best policy; decentralization
  • RePEc:ctl:louvir:2001003
Language
  • English
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