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Economic Ageing and Demographic Change

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This paper presents a generalised model of overlapping generations with economic ageing of households. Economic age is defined as a set of personal attributes such as earnings potential and tastes that are characteristic of a person’s position in the life-cycle. We separate the concepts of economic age and time since birth by assuming only a small number of different states of age. Agents sharing the same economic characteristics are aggregated analytically to a small number of age groups. The model thus allows for a very parsimonious approximation of life-cycle differences in earnings, wealth and consumption. As an illustration, we apply the model quantitatively to study the impact of demographic change.
   
type book chapter (English)
   
keywords Overlapping generations, ageing, demographic change, life-cycle
   
book title Vienna Yearbook of Population Research 2007
editor Wolfgang Lutz
date of appearance 2007
publisher Verlag der österreichischen Akademie der Wissenschaften (Wien)
ISBN 978-3-7001-4015-3
page(s) 133-165
citation Grafenhofer, D., Jaag, C., Keuschnigg, C., & Keuschnigg, M. (2007). Economic Ageing and Demographic Change. In Lutz, W. (Eds.), Vienna Yearbook of Population Research 2007 (pp. 133-165). Wien: Verlag der österreichischen Akademie der Wissenschaften. - ISBN 978-3-7001-4015-3.