Growth Effects of Age-related Productivity Differentials in an Ageing Society: A Simulation Study for Austria

Hofer, Helmut and Url, Thomas (November 2005) Growth Effects of Age-related Productivity Differentials in an Ageing Society: A Simulation Study for Austria. IHS Economics Series 179

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Abstract or Table of Contents

Abstract: We integrate age specific productivity differentials into a long-run neoclassical growth model for the Austrian economy with a highly disaggregated labor supply structure. We assume two life time productivity profiles reflecting either small or large hump-shaped productivity differentials and compute an average labor productivity index using three different aggregation functions: linear, Cobb-Douglas, and a nested Constant Elasticity of Substitution (CES). Model simulations with age specific productivity differentials are compared to a base scenario with uniform productivity over age groups. Depending on the aggregation function, the simulation results show only negligible or small negative effects on output and other macroeconomic key variables.;

Item Type: IHS Series
Keywords: 'Age specific productivity' 'Demographic change' 'Model simulation'
Classification Codes (e.g. JEL): O41, J11, E17
Status: Published
Date Deposited: 26 Sep 2014 10:38
Last Modified: 26 Jul 2017 17:28
URI: http://irihs.ihs.ac.at/id/eprint/1667

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