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Human Capital Accumulation and the Macroeconomy in an Ageing Society

How do population ageing shocks affect the long-run macroeconomic performance of an economy? To answer this question we build a general equilibrium overlapping generations model of a closed economy featuring endogenous factor prices. Finitely-lived individuals are endowed with perfect foresight and... Full description

Main Author: Heijdra, J.
Contributors: Reijnders, M.
Contained in: De Economist : Netherlands Economic Review Dordrecht [u.a.] : Springer Science + Business Media B.V Vol. 164, No. 3 (2016), p. 297-334
Journal Title: De Economist : Netherlands Economic Review
Fulltext access: Fulltext access (direct link - free access) 10.1007/s10645-016-9283-2
Availability is being checked...
Links: Volltext (dx.doi.org)
ISSN: 1572-9982
Keywords: Borrowing constraints
Demography
Education
Experience effects
Human capital
Indivisible labour
OriginalPaper
Overlapping generations
Retirement
DOI: 10.1007/s10645-016-9283-2
Language: English
Notes: Open Access
We are much indebted to Fabian Kindermann for computational advice on efficient Matlab and Fortran programming, and to Jochen Mierau for providing us with a detailed survey of the human capital literature. This paper was presented at the Bogazici Dynamic Macro Workshop (May 2012, Bogazici University, Istanbul), the 12th Viennese Workshop on Optimal Control, Dynamic Games and Nonlinear Dynamics (June 2012, Vienna), the CESifo Conference of Public Sector Economics (April 2013, Munich), CEF 2012 (July 2013, Vancouver), SAET (July 2013, Paris), ESEM (August 2013, Gothenburg), and at seminars at the Universities of Groningen, Hong Kong, and Paris I. We thank Hippolyte d’Albis, Henning Bohn, Scott Findley, Fabian Kindermann, Sau-Him Lau, Jochen Mierau, Petros Milionis, Steve Turnovsky and various conference and seminar participants for their useful comments.
Physical Description: Online-Ressource
ID (e.g. DOI, URN): 10.1007/s10645-016-9283-2
s10645-016-9283-2
PPN (Catalogue-ID): SPR056590849
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500 |a We are much indebted to Fabian Kindermann for computational advice on efficient Matlab and Fortran programming, and to Jochen Mierau for providing us with a detailed survey of the human capital literature. This paper was presented at the Bogazici Dynamic Macro Workshop (May 2012, Bogazici University, Istanbul), the 12th Viennese Workshop on Optimal Control, Dynamic Games and Nonlinear Dynamics (June 2012, Vienna), the CESifo Conference of Public Sector Economics (April 2013, Munich), CEF 2012 (July 2013, Vancouver), SAET (July 2013, Paris), ESEM (August 2013, Gothenburg), and at seminars at the Universities of Groningen, Hong Kong, and Paris I. We thank Hippolyte d’Albis, Henning Bohn, Scott Findley, Fabian Kindermann, Sau-Him Lau, Jochen Mierau, Petros Milionis, Steve Turnovsky and various conference and seminar participants for their useful comments. 
520 |a How do population ageing shocks affect the long-run macroeconomic performance of an economy? To answer this question we build a general equilibrium overlapping generations model of a closed economy featuring endogenous factor prices. Finitely-lived individuals are endowed with perfect foresight and make optimal choices over the life cycle. In addition to selecting age profiles for consumption and the hours of time supplied to the labour market, they also choose their schooling level and retirement age. Human capital is accumulated as a result of work experience, the extent of which is determined by the intensity of labour supply. As the agent gets older, biological deterioration sets in and human capital depreciates at an increasing rate. This ultimately prompts the agent to withdraw from the labour market. The microeconomic and macroeconomic effects of three ageing shocks are studied, namely an increase in the length of biological life ( biological longevity boost), an increase in both biological and productive life span ( comprehensive longevity boost), and a decrease in the net birth rate ( baby bust). Robustness checks are performed by allowing for capital market imperfections and indivisibility of labour supply. 
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