Labor supply and retirement policy in an overlapping generations model with stochastic fertility, Vol. 1 of 1

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Labor supply and retirement policy in an overlapping generations model with stochastic fertility

Author:	Jorgensen, Ole Hagen; Jensen, Svend E. Hougaard;	Collection Title:	Policy Research working paper ; no. WPS 5382
Country:	Brazil; World;	Date Stored:	2010/07/27
Document Date:	2010/07/01	Document Type:	Policy Research Working Paper
Language:	English	Region:	The World Region; Latin America & Caribbean
Report Number:	WPS5382	SubTopics:	Economic Theory & Research; Labor Markets; Labor Policies; Population Policies; Pensions & Retirement Systems
Volume No:	1 of 1

Summary: Using a stochastic general equilibrium model with overlapping generations, this paper studies a policy rule for the retirement age aiming at offsetting the effects on the supply of labor following fertility changes. The authors find that the retirement age should increase more than proportionally to the direct fall in labor supply caused by a fall in fertility. The robustness of this result is checked against alternative model specifications and parameter values. The efficacy of the policy rule depends crucially on the link between the preference for leisure and the response of the intensive margin of labor supply to changes in the statutory retirement age. The model has subsequently been calibrated for Brazil by Jorgensen (2010), in the context of the Brazil Aging Study.


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