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Economic Ageing and Demographic Change

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abstract 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 journal paper
   
keywords Overlapping generations, ageing, demographic change, life-cycle
   
language English
kind of paper journal article
date of appearance 6-5-2007
journal Vienna yearbook of population research
publisher Verlag der österreichischen Akademie der Wissenschaften (Wien)
ISSN 1728-4414
number of issue 5
page(s) 133-165
review not reviewed
   
citation Grafenhofer, D., Jaag, C., Keuschnigg, C., & Keuschnigg, M. (2007). Economic Ageing and Demographic Change. Vienna yearbook of population research(5), 133-165.