Who should bear a pension cost? a computable overlapping generations approach.(in Japanese)

We have developed a multi-period computable overlapping generations model to study whether ageing itself and public pension reform that aims to cope with aging make any quantitative impact on the Japanese economy. We simulate baseline scenario and a policy change scenario, and compare the results of those scenarios. From these simulation, we conclude that public pension reform, which levy the consumption tax to cover the financial resources to fund the public pension program on all generations not only working generations but also retired generations, stimulate the economy and rises the lifetime utility level of the future generations even though it decreases the lifetime utility level of the existing generations. The robustness of these results is guaranteed from the sensitivity tests.