How is aggregate household consumption affected jointly by longevity, pension, and aging? Theory and evidence

International Review of Economics - Tập 67 - Trang 499-512 - 2020
Lei He1, Shuyi Zhou1, Zilan Liu1
1Hunan Key Laboratory of Macroeconomic Big Data Mining and its Application, Business School of Hunan Normal University, Changsha, People’s Republic of China

Tóm tắt

The effects of longevity and pension on consumption or savings are investigated separately in previous studies. In this paper, we first construct a theoretical model which shed light on explicit joint role of longevity at different age, pension, and aging on aggregate household consumption. The testable implications are provided by theoretical discussion and are supported by empirical results based on panel data. The negative effect of longevity on the aggregate household consumption is strengthened by the aging. The pension has a positive impact on aggregate household consumption, and it is intensified by aging. The aggregate household consumption is affected positively by aging.

Tài liệu tham khảo

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