کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5098776 1376958 2012 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The individual life-cycle, annuity market imperfections and economic growth
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
The individual life-cycle, annuity market imperfections and economic growth
چکیده انگلیسی
We study the effects of an annuity market imperfection on individual agents' life-cycle decisions and on the macroeconomic growth rate in an overlapping generations model with single-sector endogenous growth. Our model features both age-dependent mortality and labour productivity. We model imperfect annuities by introducing a load factor on the annuity rate faced by finitely lived agents. Our main finding is that annuity market imperfections decrease economic growth because less assets are necessary for consumption late in life. In addition we find that both the quantitative and qualitative effects of annuity market imperfections are grossly overestimated in a partial equilibrium analysis because it disregards general equilibrium repercussions.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 36, Issue 6, June 2012, Pages 876-890
نویسندگان
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