Table 6 - uploaded by Maxime Fougère
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Although the population is living longer, the trend in Canada and most OECD countries is towards older workers to retire at an earlier age, which raises public policy challenges in the context of population aging. This paper evaluates the economic cost of earlier retirement, the benefits of working longer in Canada and the consequences for the fina...
Context in source publication
Context 1
... computable general equilibrium model compares two states of the six regional Table 6 reports variable and parameter values that are imposed in the calibration procedure, while Table 7 presents government policy and program parameters at both the federal and regional levels, which include effective tax rates, public expenditure to GDP and government debts. The inter-temporal elasticity of substitution is assumed to be the same across regions and consistent with values found in the literature. ...
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Citations
This paper analyzes the effect of changing retirement dates on pre-retirement saving, looking at the effect of a negative cross derivative of the utility function with respect to consumption and leisure. This effect is analyzed in the contexts of both exogenous and endogenous labor supply before retirement. In the case of exogenous labor supply, the relative decrease in saving in response to an increase in the expected retirement age is larger in the case of a negative cross derivative of the utility function (non-separable preferences) than in the case of a zero cross derivative (separable preferences). However, in the case where labor supply before retirement decreases at the intensive margin in response to an increase in the retirement age, the relative decrease in saving in response to an increase in the expected retirement age is smaller in the case of a negative cross derivative than in the case of a zero cross derivative.
