2010•The B E Journal of MacroeconomicsRequires access

Aging, Retirement, and Savings: A General Equilibrium Analysis

Mariano Kulish, Christopher Kent, Kathryn H. Smith

Abstract

We study some economic consequences of aging in a general equilibrium overlapping generations model in which agents make optimal retirement decisions. The transitional dynamics of the economy are sensitive to the nature of the aging process, that is, the balance of declining fertility and rising longevity. Population aging unambiguously increases capital intensity in the long-run, but a rise in longevity that improves the health of the population will delay retirement and consequently decrease capital intensity in the short-run. The joint long-run effect of declining fertility and rising longevity on capital intensity is more than additive.

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Key concepts: Longevity, Overlapping generations model, Economics, Fertility, Population ageing, Capital (architecture), General equilibrium theory, Population