Growth and demographic change: An application of the Goodwin model for OECD countries (1960-2010)
Abstract
Abstract
The objective of this article is to evaluate the empirical adherence of the Goodwin Model (1967), when considering the inclusion in this model of a social security system characterized by a homogeneous rate of exogenously determined social security tax and adjustable individual pension levels for a determinant number of retirees. The empirical analysis is applied to a set of economies developed in the period from 1960 to 2010. Based on the data and on the econometric methodology used, the results found point to a better empirical adjustment of the Goodwin model (1967), which indicates that the Population aging can affect economic cycles through the social security system.
Keywords: Goodwin's model, populations ageing, OECD.
JEL Codes: O47, J26, O15.
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Copyright (c) 2021 Daniel Nogueira Silva, Henrique Morrone
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