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首页> 外文期刊>Journal of Economic Dynamics and Control >The individual life-cycle, annuity market imperfections and economic growth
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The individual life-cycle, annuity market imperfections and economic growth

机译：个人生命周期，年金市场缺陷和经济增长

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摘要

We study the effects of an annuity market imperfection on individual agents' life-cycle decisions and on the macroeconomic growth rate in an overlapping generations model with single-sector endogenous growth. Our model features both age-dependent mortality and labour productivity. We model imperfect annuities by introducing a load factor on the annuity rate faced by finitely lived agents. Our main finding is that annuity market imperfections decrease economic growth because less assets are necessary for consumption late in life. In addition we find that both the quantitative and qualitative effects of annuity market imperfections are grossly overestimated in a partial equilibrium analysis because it disregards general equilibrium repercussions.
机译：在单行业内生增长的重叠世代模型中，我们研究了年金市场缺陷对个体行为人的生命周期决策和宏观经济增长率的影响。我们的模型同时具有与年龄相关的死亡率和劳动生产率。我们通过对有限寿险代理人面临的年金率引入负载因子来对不完善的年金进行建模。我们的主要发现是年金市场的不完善会降低经济增长速度，因为生命后期消费所需的资产更少。此外，我们发现，在部分均衡分析中，年金市场缺陷的定量和定性影响都被高估了，因为它忽略了一般均衡的影响。

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