Note on Longevity and Aggregate Savings
在Bloom等人研究基础上，通过一个包含不确定生存、内生生命周期消费和退休年龄的简单模型，分析了长寿对总储蓄的聚合效应，发现持续年金化下预期寿命延长会提高稳态总储蓄，其大小取决于年龄分布和最优退休对长寿变化的弹性。
Abstract In a recent paper in this journal, Bloom, Canning and Graham (2003) model the effect of changes in longevity on individual savings. They proceed to present empirical findings about the relation between longevity and aggregate savings. There is a missing link between their empirics and theory: the changes in the populations age density distribution due to increased longevity. This note provides such an aggregation analysis within a simple model with uncertain survival, endogenous life‐cycle consumption and retirement age. It is shown that, with continuous annuitization, an increase in expected longevity raises aggregate steady‐state savings. The magnitude of this effect depends on the economy's age‐specific distribution and on the elasticity of optimum retirement to changes in longevity.