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We study the effects of an annuity market imperfection on individual agents' labour supply and retirement decisions and on the macroeconomic growth rate in an overlapping generations model with endogenous growth. We model imperfect annuities by introducing a load factor on the interest rate...
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alternative systems focuses on their effects on savings, capital accumulation, labour supply, economic growth and inequality and … on the savings rate, capital accumulation, productivity and the labour supply. These effects must be taken into account …
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payments might be preferred to a system with pure tax deductions. -- savings incentives ; stochastic general equilibrium model …
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