Please use this identifier to cite or link to this item: https://doi.org/10.1017/S1365100508080073
Title: Longevity, retirement, and capital accumulation in a recursive model with an application to mandatory retirement
Authors: Zhang, J. 
Zhang, J.
Keywords: Growth
Life-Cycle Saving
Longevity
Retirement
Issue Date: Jun-2009
Citation: Zhang, J., Zhang, J. (2009-06). Longevity, retirement, and capital accumulation in a recursive model with an application to mandatory retirement. Macroeconomic Dynamics 13 (3) : 327-348. ScholarBank@NUS Repository. https://doi.org/10.1017/S1365100508080073
Abstract: This paper explores how retirement timing, together with life-cycle saving and human capital investment in children, responds to rising longevity in a recursive model with altruistic agents. We find that rising longevity raises the retirement age. If initial life expectancy is not too high, rising longevity also raises human capital investment in children and the saving rate. Through these channels, rising longevity can be conducive to long-run economic growth. A binding mandatory retirement age reduces human capital investment and the growth rate, raises the saving rate, and reduces welfare. © 2009 Cambridge University Press.
Source Title: Macroeconomic Dynamics
URI: http://scholarbank.nus.edu.sg/handle/10635/129880
ISSN: 13651005
DOI: 10.1017/S1365100508080073
Appears in Collections:Staff Publications

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