Munich Personal RePEc Archive

Fertility, Official Pension Age, and PAYG Pensions

Chen, Hung-Ju (2015): Fertility, Official Pension Age, and PAYG Pensions.

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Abstract

This paper examines the effect of fertility and official pension age on long-run pay-as-you-go (PAYG) pensions based on an overlapping generations model. We find that increasing the fertility rate or official pension age does not necessarily raise pensions. When the output elasticity of capital is low, an increase in the fertility rate or official pension age may raise pensions, but such a change reduces pensions if the output elasticity of capital and the tax rate are high.

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