A One-Sector Neoclassical Growth Model with Endogenous Retirement
A One-Sector Neoclassical Growth Model with Endogenous Retirement
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具有内生退休的单部门新古典增长模型
DOI：
10.1111/j.1468-5876.2008.00421.x
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发表时间：
2006
期刊：
影响因子：
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通讯作者：
Kiminori Matsuyama
中科院分区：
文献类型：
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作者：
Kiminori Matsuyama
本文扩展了Diamond的OG模型，允许代理人做出退休决策。年轻时获得更高的工资收入不仅使代理人能够储蓄更多。它还促使更多代理人提前退休，并提供额外的激励，以节省更多的退休金。这导致下一时期资本-劳动力比率较高，因此下一代代理人在年轻时获得较高的工资收入。由于这种正反馈机制，内生退休放大了增长动力的持续性，甚至产生了经验上合理的参数值的多个稳态。
This paper extends Diamond's OG model by allowing the agents to make the retirement decision. Earning a higher wage income when young not only enables the agents to save more. It also induces more agents to retire early and gives an additional incentive to save more for retirement. This leads to a higher capitallabor ratio in the following period, and hence the next generation of agents earns a higher wage income when young. Due to this positive feedback mechanism, endogenous retirement magnifies the persistence of growth dynamics and even generates multiple steady states for empirically plausible parameter values.