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on Economics of Ageing |
| By: | Bingley, Paul (The Danish Centre for Social Science Research); Lanot, Gauthier (Department of Economics, Umeå University) |
| Abstract: | The age structure of employment reflects the relative prices of retaining workers of different ages, and early pension benefits encourage workers to retire before the normal pensionable age, yet little is known about the effects on employment of the young. Using a Danish pension reform, we analyse the relationship between the wages and employment of workers of different ages at the firm level. We find that the reform affected the retirement ages of workers with basic skills – those with the lowest wages and the highest replacement rates post-reform. We estimate the elasticity of substitution between young and old basic skilled workers to be unity; they are perfect substitutes. |
| Keywords: | Pensions; Retirement; Elasticity of Substitution; Instrumental Variables |
| JEL: | I12 I29 J13 |
| Date: | 2025–10–03 |
| URL: | https://d.repec.org/n?u=RePEc:hhs:umnees:1038 |
| By: | Brimblecombe, Nicola; Cartagena-Farias, Javiera; Stevens, Madeleine; Rajagopalan, Jayeeta; Hu, Bo |
| Abstract: | Good quality housing is an important part of supporting people with care needs and improving lives but not much is known about how care use (formal and/or unpaid) might be related to housing, especially non-specialized housing where most older people live. Our study aimed to explore this relationship. Methods comprised secondary analysis of quantitative data from a large representative sample, the English Longitudinal Study of Ageing (2012/2013 to 2018/2019), and semi-structured in-depth interviews with 72 people aged 65 and older with care needs and/or their unpaid carers living in five localities in England. We found that poor quality or unsuitable housing affected care use indirectly through increasing or precipitating care needs thus necessitating care and support, and directly through being a barrier to receiving care; the latter sometimes resulting in unmet need for support. Our paper thus contributes to the understanding of the relationship between non-specialized housing and care use and of the wider factors shaping unmet need for care. |
| Keywords: | housing; housing problems; long-term/social care; formal care; unpaid care; unmet need for care |
| JEL: | R14 J01 |
| Date: | 2025–10–02 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:129559 |
| By: | Jared Gars; Laura Prada; Egon Tripodi; Santiago Borda |
| Abstract: | A large share of the global workforce lacks access to employer-sponsored retirement plans. In Colombia, where labor informality is high, the government introduced the Beneficios Economicos Periodicos (BEPS) program to promote voluntary retirement savings. However, many enrollees fail to contribute regularly. We conduct a randomized controlled trial with 2, 819 BEPS users, assigning them to different planning and monthly reminder treatments, where reminders are tailored in their timing. We find that personalized reminders significantly increase both the frequency and amount of savings, with individuals who recognize their forgetfulness more likely to demand reminders. Our findings highlight the role of reminders tailored to individuals’ preferred timing in sustaining engagement in voluntary savings programs. |
| Keywords: | Retirement savings, personalized reminders, limited attention, financial inclusion |
| JEL: | D91 G41 O16 |
| Date: | 2025–09–23 |
| URL: | https://d.repec.org/n?u=RePEc:bdp:dpaper:0073 |
| By: | Alfonso R. Sánchez Martín; Ángel de la Fuente; Miguel Ángel García Díaz |
| Abstract: | Este trabajo analiza el impacto de la reciente reforma de pensiones utilizando una versión revisada del modelo MSSP-OLG de simulación del sistema público de pensiones de FEDEA. Tras describir la estructura del modelo y su proceso de calibración, así como las mejoras introducidas en la presente versión, se simulan las distintas medidas introducidas en la reforma, de una en una en primer lugar y después todas ellas a la vez, y se analizan sus efectos incrementales sobre los ingresos y gastos del sistema y sobre el bienestar de las cohortes afectadas. |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:fda:fdaeee:eee2025-21 |
| By: | José Enrique Devesa Carpio; Inmaculada Domínguez Fabián; Borja Encinas Goenechea; Robert Meneu Gaya |
| Abstract: | El objetivo del trabajo es analizar el sistema de pensiones de jubilación español desde un punto de vista económico, financiero y actuarial a través del cálculo del Tanto Internode Rendimiento (en adelante TIR) del sistema en su conjunto. El TIR es una variable utilizada en el análisis de inversiones para valorar su rentabilidad, estableciendo la relación entre la cuantía invertida y los flujos de efectivo generados por la misma. En el contexto de un sistema de pensiones de reparto las cotizaciones pagadas por los trabajadores a lo largo de su vida laboral pueden entenderse como una inversión cuyo objetivo es garantizarse el cobro de una pensión vitalicia tras la jubilación. Por tanto, desde esta perspectiva financiero actuarial, el TIR del sistema sería el tipo de interés de la ley de capitalización compuesta que iguala el valor actual actuarial de las cotizaciones (VAAC) con el valor actual actuarial de las pensiones (VAAP) y, en consecuencia, puede interpretarse como un indicador de la rentabilidad financiero actuarial que el sistema ofrece a sus participantes. |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:fda:fdaeee:eee2025-20 |
| By: | Enriqueta Camps |
| Abstract: | In this paper, we account for the early demographic transition of Catalonia and the impact on population ageing and levels of productivity. Female vocational training and female real-wage increased during the first third of the 20th century, with high female participation levels in the workforce and the influence of libertarian practices of fertility control seeming to be the main reasons for the low levels of fertility (below replacement) during the first third of the 20th century. This sustained trend of low fertility has resulted in a high dependency ratio during the first decades of the 21st century caused in turn by increased longevity. The high proportion of dependents in the population has resulted in GDP per capita becoming an inadequate measure of the evolution of productivity levels during the 21st century. |
| Keywords: | fertility, gender wage gap, longevity, economic growth |
| JEL: | A11 A12 I15 J11 N3 |
| Date: | 2025–06 |
| URL: | https://d.repec.org/n?u=RePEc:upf:upfgen:1910 |
| By: | Pablo Garcia Sanchez; Olivier Pierrard |
| Abstract: | Both health and wealth are distributed heterogeneously across the population. These two dimensions are empirically linked by a robust positive correlation between income and life expectancy. Yet the mechanisms underlying this link and the implications for economic policy remain incompletely understood. This paper develops a life-cycle model with heterogeneous agents to explore the bidirectional relationship between income and health: higher income enables greater health investment, while better health enhances productivity and therefore earnings. We calibrate the model to U.S. data, capturing key empirical aspects of the distribution of income, health and age-at-death. We show that the income-tohealth channel is more important early in life, while the health-to-income channel dominates at older ages. We then use this framework to evaluate policies aimed at redistribution or health. We find that income redistribution, while reducing inequality, weakens individuals’ incentives to invest in health, lowering both average life expectancy and aggregate income. In contrast, health subsidies enhance health, raising both longevity and economic output, without reducing income inequality. |
| Keywords: | Health, Income, heterogeneity, life-cycle model, policies. |
| JEL: | C60 D15 H24 H51 I12 I14 |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:bcl:bclwop:bclwp200 |
| By: | Daisuke MIYAKAWA; Koki OIKAWA; Kozo UEDA |
| Abstract: | This paper studies how population aging shapes firm dynamics and macroeconomic outcomes through business succession. Using large-scale Japanese firm-level panel data, we document systematic age transition patterns in successions, an inverted U-shape in performance with respect to managerial age, and the causal effects of succession on firm outcomes. Building on these facts, we develop a general equilibrium model with heterogeneous firms and life-cycle managerial ability. The model shows that declining population growth reduces succession but raises average managerial ability and strengthens firm selection. Quantitative analysis suggests that despite lower aggregate output, per capita output increases under demographic decline. |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:eti:dpaper:25096 |
| By: | Geoffrey T. Sanzenbacher |
| Abstract: | The brief’s key findings are: (1) Previous research suggests that remote work boosts employment for older workers with disabilities, but how will it affect those without disabilities? (2) The greater flexibility of remote work could lead people to work longer. Or, if employers think it reduces productivity, it could instead lead to earlier exits. (3) This study finds that those working remotely appear somewhat less likely to retire, even controlling for job characteristics like sector, industry, and earnings. (4) An open question is whether this beneficial effect is due to remote work itself or the fact that those wanting longer careers go to jobs with remote options. |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:crr:issbrf:ib2025-9 |