Fiscal Policy Effects in a Heterogeneous-Agent Overlapping-Generations Economy With an Aging Population: Working Paper 2013-07

Shinichi Nishiyama ()

No 44941, Working Papers from Congressional Budget Office

Abstract: Among the models that CBO uses to analyze the economic effects of changes in federal fiscal policy is a life-cycle growth model with overlapping generations of heterogeneous households. In this paper, we extend a similar dynamic model by incorporating a population that ages in a manner consistent with projections for the United States. Under that extension, gross domestic product per capita is projected to be about 7 percent lower in 2040, and more than 11 percent lower in the long run, if the government cuts transfer rates and increases income taxes to finance the

Date: 2013-12-06
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