Pension reform, employment by age, and long-run growth |
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Authors: | Tim Buyse Freddy Heylen Renaat Van de Kerckhove |
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Affiliation: | 1. SHERPPA, Ghent University, Ghent, Belgium 2. Research Foundation—Flanders (FWO), Brussels, Belgium 3. IRES, Université catholique de Louvain, Louvain-La-Neuve, Belgium
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Abstract: | We study the effects of pension reform on hours worked by three active generations, education of the young, the retirement decision of older workers, and aggregate growth in a four-period OLG model. The model explains important facts well for many OECD countries. Our simulation results prefer an intelligent pay-as-you-go system above a fully funded private system. Positive effects on employment and growth are the strongest when the pay-as-you-go system includes a tight link between individual labor income and the pension, and when it attaches a high weight to labor income earned as an older worker to compute the pension assessment base. |
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