with falling rates of return to capital and increasing wages. This decreases welfare for middle aged asset rich households … formation in combination with an increase in the retirement age has strong implications for economic aggregates and welfare, in … particular in the open economy. These adjustments reduce the maximum welfare losses of demographic change for households alive in …

capital decrease and wages increase with adverse welfare consequences for current middle aged asset rich agents. This paper … strong effects. Under these adjustments maximum welfare losses of demographic change for households alive in 2010 are reduced …

with falling rates of return to capital and increasing wages. This decreases welfare for middle aged asset rich households … formation in combination with an increase in the retirement age has strong implications for economic aggregates and welfare, in … particular in the open economy. These adjustments reduce the maximum welfare losses of demographic change for households alive in …

with falling rates of return to capital and increasing wages. This decreases welfare for middle aged agents with assets … retirement age has strong effects. Under these adjustments maximum welfare losses of demographic change for households alive in …

capital decrease and wages increase with adverse welfare consequences for current middle aged asset rich agents. This paper … strong effects. Under these adjustments maximum welfare losses of demographic change for households alive in 2010 are reduced …

capital decrease and wages increase with adverse welfare consequences for current middle aged asset rich agents. This paper … strong effects. Under these adjustments maximum welfare losses of demographic change for households alive in 2010 are reduced …

This appendix of our paper, "Demographic Change, Human Capital and Welfare", contains further material that could not … transition as well as the associated welfare effects and a sensitivity analysis. Our population model is explained in Section C …

decrease and wages increase, which has adverse welfare consequences for current cohorts who will be retired when the rate of … predicts welfare losses up to 12.5% (5.6%) of lifetime consumption, when contribution (replacement) rates to the pension system …

The objective of this paper is to analyze the welfare effects of raising the retirement age. With aging populations, in …, such policy necessitates some welfare deterioration. This could be outweighed by lower taxation (defined benefit schemes … in which we analyze welfare effects of extending the retirement age under PAYG defined benefit, PAYG defined contribution …

We evaluate the welfare and macroeconomic effects of increasing the retirement age in the context of population aging … is universally welfare enhancing for all living and future cohorts, regardless of the pension system. Quantitatively … our findings in a population with lower pace of aging due to higher fertility. Finally, we show scope for further welfare …