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  • 1
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    ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2016-01-29
    Description: This paper presents an analysis of the differential role of mortality for the optimal schooling and retirement age when the accumulation of human capital follows the so-called "Ben-Porath mechanism". We set up a life-cycle model of consumption and labor supply at the extensive margin that allows for endogenous human capital formation based on Card (2001). This paper makes two important contributions. First, we provide the conditions under which a decrease in mortality leads to a longer education period and an earlier retirement age. Second, those conditions are decomposed into a Ben-Porath mechanism and a lifetimehuman wealth effect vs. the years-to-consume effect. Finally, using Swedish data for cohorts born between 1865 and 2000, we show that our model can match the empirical evidence.
    Keywords: J10 ; J24 ; J26 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 2
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    Kiel, Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2019-04-30
    Description: We investigate the differential impact that pension systems have on the labor supply and the accumulation of physical and human capital for individuals that differ by their learning ability and levels of life expectancy. Our analysis is calibrated to the US economy using a general equilibrium model populated by overlapping generations. Within our framework we analyze the redistributive and macroeconomic effects of a progressive versus a flat replacement rate of the pension system.
    Keywords: H55 ; D58 ; D91 ; J11 ; J24 ; J26 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
    Publication Date: 2019-04-19
    Description: From 1850 to 2000, in Western European countries life expectancy rose from 30-40 to 80 years and the average number of children per woman fell from 4 to 5 children to slightly more than one. To gauge the economic consequences of these demographic trends, we implement an overlapping generations model with heterogeneity by level of education in which individuals optimally decide their consumption of market- and home-produced goods as well as the time spent on paid and unpaid work. We find that around 17% of the observed increase in per-capita income growth from 1850 to 2000 was due to the demographic transition. Around 50% of the demographic contribution is explained by the increase in the average productivity per worker (productivity component), which arises from the change in the population's age structure and the rise in households' saving rate. The remaining 50% is explained by the higher growth rate of workers relative to the total population (translation component).
    Keywords: D58 ; E27 ; J11 ; N30 ; ddc:330 ; Demographic dividend ; Fertility ; Mortality ; Per-capita income growth ; Overlapping generations
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
    Publication Date: 2019-10-24
    Keywords: E24 ; J10 ; J18 ; H55 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
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    Vienna: Vienna University of Technology, Institute of Mathematical Methods in Economics
    Publication Date: 2020-01-29
    Description: This paper investigates the role of recent pension reforms for the development of the social security system and economic growth in Austria. We use a computable general equilibrium model that is built up of overlapping generations that differ by their household structure, longevity, educational attainment, and capital accumulation. Each household optimally decides over its consumption paths, work effort, and retirement age according to the life-cycle theory of labor, while they face survival risk. We find that the pension reforms implemented from 2000 to 2004, although in the correct direction, are not sufficient to solve the labor market distortion caused by the Austrian PAYG pension system. Using alternative policy options, our simulations indicate that a change to a notional defined contribution system and an increase in the educational distribution of the work force would increase the incentive for later retirement ages and thereby increase labor supply and economic growth.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Vienna: Vienna University of Technology, Institute of Mathematical Methods in Economics
    Publication Date: 2020-01-29
    Description: We set up a lifecycle model of a retired scholar who chooses optimally the time devoted to different activities including physical activity, continued work and social engagement. While time spent in physical activity increases life expectancy, continued scientific publications increases the knowledge stock. We show the optimal trade off between these activities in retirement and its sensitivity with respect to alternative settings of the preference parameters.
    Keywords: C60 ; D91 ; J22 ; J26 ; I12 ; ddc:330 ; Time allocation ; Active retirement ; Longevity ; Scientific production
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
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    Vienna: Vienna University of Technology, Institute of Mathematical Methods in Economics
    Publication Date: 2020-01-29
    Description: This paper presents an analysis of the differential role of mortality for the optimal schooling and retirement age when the accumulation of human capital follows the so-called "Ben-Porath mechanism". We set up a life-cycle model of consumption and labor supply at the extensive margin that allows for endogenous human capital formation. This paper makes two important contributions. First, we provide the conditions under which a decrease in mortality leads to a longer education period and an earlier retirement age. Second, those conditions are decomposed into a Ben-Porath mechanism and a lifetime-human wealth effect vs. the years-to-consume effect. Finally, using US and Swedish data for cohorts born between 1890 and 2000, we show that our model can match the empirical evidence.
    Keywords: I25 ; J10 ; J24 ; J26 ; ddc:330 ; Sterblichkeit ; Schulbesuch ; Altersgrenze ; Humankapital ; Lebenszyklushypothese ; Haushaltsstatistik ; Arbeitsangebot ; Vermögen ; Kohortenanalyse ; Empirische Methode ; USA ; Schweden
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 8
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    Vienna: Vienna University of Technology, Institute of Mathematical Methods in Economics
    Publication Date: 2020-01-29
    Description: We investigate the differential impact that pension systems have on the labor supply and the accumulation of physical and human capital for individuals that differ by their learning ability and levels of life expectancy. Our analysis is calibrated to the US economy using a general equilibrium model populated by overlapping generations, in which all population groups interact through the pension system, the labor market, and the capital market. Within our framework we analyze the redistributive and macroeconomic effects of a progressive versus a flat replacement rate of the pension system.
    Keywords: E24 ; J10 ; J18 ; H55 ; ddc:330 ; Human capital ; Longevity ; Inequality ; Life cycle ; Social Security
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 9
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    Vienna: Vienna University of Technology, Institute of Mathematical Methods in Economics
    Publication Date: 2020-01-29
    Description: In this paper we investigate the impact of a reduction in the pension replacement rate on the schooling choice and on inequality. We develop an overlapping generations model in which individuals differ by their life expectancy and in the cost of attending schooling. Individuals optimally choose their consumption path and their educational attainment. Within our framework we first show how many progressive pension systems are ex ante regressive due to the difference in life expectancy across skill groups and, second, we derive the level of progressivity that restores an equal treatment of the pension system across skill groups.
    Keywords: E24 ; J10 ; J18 ; H55 ; ddc:330 ; Human capital ; Longevity ; Inequality ; Life cycle ; Social security ; Pension ; Progressivity
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
    Publication Date: 2020-05-23
    Description: In this work, we assess the global impact of COVID-19 showing how demographic factors, testing policies and herd immunity are key for saving lives. We extend a standard epidemiological SEIR model in order to: (a) identify the role of demographics (population size and population age distribution) on COVID-19 fatality rates; (b) quantify the maximum number of lives that can be saved according to different testing strategies, different levels of herd immunity, and specific population characteristics; and (c) infer from the observed case fatality rates (CFR) what the true fatality rate might be. Different from previous SEIR model extensions, we implement a Bayesian Melding method in our calibration strategy which enables us to account for data limitation on the total number of deaths. We derive a distribution of the set of parameters that best replicate the observed evolution of deaths by using information from both the model and the data.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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