TY  - RPRT
        AU  - Cipriani, Giam Pietro
        TI  - Aging, Retirement and Pay-As-You-Go Pensions
        PY  - 2016/May/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 9969
        UR  - https://www.iza.org/index.php/publications/dp9969
        AB  - In this paper we consider the effects of population aging on a pay-as-you-go financed defined contributions pension scheme. We show that when retirement decisions are endogenous, aging increases the retirement age and the steady state level of capital. The effect on pension payouts is in general ambiguous, except for the solution of full retirement, when this effect is unambiguously negative.
        KW  - retirement
KW  - aging
KW  - PAYG pensions
KW  - overlapping generations model
        ER  -