Population ageing in a small open economy : some policy experiments with a tractable general equilibrium model

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dc.contributor Suomen Pankki
dc.contributor.author Kilponen, Juha
dc.contributor.author Kinnunen, Helvi
dc.contributor.author Ripatti, Antti
dc.date.accessioned 2014-09-22T07:58:50Z
dc.date.available 2014-09-22T07:58:50Z
dc.date.issued 2006
dc.identifier.isbn 978-952-462-334-6
dc.identifier.issn 1456-6184
dc.identifier.uri https://helda.helsinki.fi/bof/handle/123456789/7779
dc.description Ilmestynyt myös VATT Publications 58/2011.
dc.description.abstract This paper extends Gertler's (1999) tractable overlapping generations model with life-cycle features by allowing for distortionary taxation, demographic transition and stochastic variation in demographic structure.The model is then used to study demographic change in the small open economy of Finland. Simulations highlight the key role played by labour market responses to ageing.When the responses of labour supply, wages, and hence private consumption, to higher taxation are consistently accounted for, population ageing has clearly much larger effects on public finance, when compared to mechanical sustainability calculations.Stochastic simulations suggest that lengthening of working time has only a modest alleviating effect on the fiscal burden of ageing.This is due to the fact that stochastic variation in the length of working time has only a relatively small effect on the model's dependency ratio.Variation in life expectancy is clearly much more important. Key words: ageing, general equilibrium, public finance, demographic uncertainty JEL classification numbers: E13, H55, J11, J26
dc.format.extent 39 s.
dc.language.iso eng
dc.relation.ispartofseries Bank of Finland Research Discussion Papers
dc.rights https://helda.helsinki.fi/bof/copyright
dc.subject väestö
dc.subject ikääntyminen
dc.subject avoin talous
dc.subject vaikutukset
dc.subject mallit
dc.subject julkinen talous
dc.subject verotus
dc.subject eläkkeet
dc.subject Suomi
dc.subject uudistukset
dc.subject finanssipolitiikka
dc.subject SP
dc.subject RP
dc.title Population ageing in a small open economy : some policy experiments with a tractable general equilibrium model
dc.type Sarjajulkaisu
dc.identifier.urn URN:NBN:fi:bof-20140807536
dc.subject.jel E13
dc.subject.jel H55
dc.subject.jel J11
dc.subject.jel J26
dc.series.name Bank of Finland Research Discussion Papers
dc.series.year 2006
dc.series.number 28/2006
dc.series.sortingnumber 28
dc.date.publication 1.10.2006

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