The extent, speed and impact of population ageing have often been exaggerated because standard indicators such as the Old-Age Dependency Ratio or Support Ratio do not take proper account of falling mortality, the changing relationship between age and employment, or (usually) both. Neither do...

The aim of this paper is to study the long-run effects of a longevity increase on individual decisions about education and retirement, taking macroeconomic repercussions through endogenous factor prices and the pension system into account. We build a model of a closed economy inhabited by...