Journal
SPATIAL ECONOMIC ANALYSIS
Volume 17, Issue 4, Pages 538-556Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/17421772.2022.2036361
Keywords
ageing; spatial vector autoregressive; overlapping generations (OLG) models; labour market
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This study examines the effects of ageing on per capita labour income, consumption, and wealth in Italian provinces. The findings suggest that ageing has a positive impact on per capita labour income and wealth, but negatively affects consumption due to over-accumulation. A simple exercise shows that over-accumulation is beneficial to the Italian social security system.
This study examines the effects of ageing on per capita labour income, consumption and wealth of the working population in Italian provinces. Starting from the overlapping generations (OLG) model of perpetual youth, we estimate a spatial vector autoregressive (VAR) model to investigate how ageing affects the model's dynamics. We find that ageing positively impacts per capita labour income and wealth, consequently having an adverse effect on consumption (over-accumulation). A simple exercise shows that over-accumulation is beneficial to the Italian social security system.
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