2015年12月
Fiscal policy effects in a heterogeneous-agent OLG economy with an aging population
JOURNAL OF ECONOMIC DYNAMICS & CONTROL
- 巻
- 61
- 号
- 開始ページ
- 114
- 終了ページ
- 132
- 記述言語
- 英語
- 掲載種別
- 研究論文(学術雑誌)
- DOI
- 10.1016/j.jedc.2015.09.007
- 出版者・発行元
- ELSEVIER SCIENCE BV
This paper incorporates the aging population projected by the U.S. Social Security Administration to a heterogeneous-agent OLG model with idiosyncratic wage shocks and analyzes its effects on individual households, the government budget, and the overall economy. The fiscal gap caused by the demographic change is 2.92% of GDP under the SSA's intermediate projection. The effect of the aging population is large by itself and depends significantly on how the government finances the cost of the demographic change. There is a strong trade-off between efficiency and equity, and this paper quantitatively assesses the pros and cons of stylized fiscal reform plans. (C) 2015 Elsevier B.V. All rights reserved.
- リンク情報
- ID情報
-
- DOI : 10.1016/j.jedc.2015.09.007
- ISSN : 0165-1889
- eISSN : 1879-1743
- Web of Science ID : WOS:000366232900007