Aging in Europe: Reforms, International Diversification, and Behavioral Reactions

Axel H. Borsch-Supan · Klaus Härtl · Alexander Ludwig

79 citations0/0 files storedAmerican Economic Review

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Economic Growth and Productivity Financial Literacy, Pension, Retirement Analysis Economic Policies and Impacts

Abstract

The extent of demographic changes in Europe is much more drastic than in the United States. This paper studies the effects of population aging on the interactions between economic growth and living standards in Europe with labor market and pension reform, behavioral adaptations, and international capital flows. Our analysis is based on an overlapping generations model with behavioral reactions to reform which is extended to the multi-country situation typical for Europe. While the negative effects of population aging on growth in Europe can in principle be compensated by reforms and economic adaptation mechanisms, they may be partially offset by behavioral reactions.

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References

2000Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles 1992Modeling and Forecasting U. S. Mortality 1989Dynamic Fiscal Policy.2002The NAIRU in Theory and Practice 2006Ageing, Pension Reform and Capital Flows: A Multi‐Country Simulation Model 2016Modeling and Forecasting

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