This paper shows the effects on a pay-as-you-go pension system of the demographic change in the standard overlapping generations model. Firstly, we consider a setting with exogenous fertility and then a model with endogenous fertility. In both cases, population ageing due to increased longevity implies a reduction in pensions payouts.
Population Ageing and PAYG Pensions in the OLG Model
CIPRIANI, Giam Pietro
2013-01-01
Abstract
This paper shows the effects on a pay-as-you-go pension system of the demographic change in the standard overlapping generations model. Firstly, we consider a setting with exogenous fertility and then a model with endogenous fertility. In both cases, population ageing due to increased longevity implies a reduction in pensions payouts.
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