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