Growing old and staying young: population policy in an ageing closed economy |
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| Authors: | Bas van Groezen Lex Meijdam |
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| Affiliation: | (1) Utrecht School of Economics, Utrecht University, Vredenburg 138, 3511 BG Utrecht, The Netherlands;(2) Network for Studies on Pensions, Aging and Retirement (Netspar), Tilburg University, P.O. Box 90153, 5000 LE Tilburg, The Netherlands;(3) Department of Economics and Center for Economic Research, Tilburg University, P.O. Box 90153, 5000 LE Tilburg, The Netherlands |
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| Abstract: | This paper analyses the relation between public pensions, fertility and child care in a closed-economy overlapping generations model with endogenous fertility. It is shown that raising a child involves two social externalities and that it is optimal to introduce child allowances if the government redistributes income from the young to the old. The optimal child allowance rises when longevity increases. If the costs of raising children depend positively on the wage, a third externality arises and the returns to savings should be taxed. |
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| Keywords: | Child allowances Endogenous fertility Pensions |
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