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Bog'liq
Essays on Population Aging and Social Security in the U.S.

Figure 2.3: The age-dependent household efficiency profiles estimated from the 2001 CPS and Hansen (1993).


Student Version of MATLAB



Efficiency endowment
polated efficiency data in the 2001 CPS and Hansen (1993) are reported in Figure 2.3.

Next, I compute a new calibrated baseline equilibrium using the efficiency profile from



Hansen (1993) and then re-compute the impact of population aging on the projected re-

tirement benefits. The unknown preference parameters and the associated model-generated

target values for the calibrated baseline equilibria with the efficiency profile from Hansen

(1993) are reported in Table 2.11. The table demonstrates that the calibrated baseline

equilibrium of the model with the efficiency profile from Hansen (1993) is very similar to

the one in the initial baseline calibration; the values for the unknown parameters are also

consistent with the larger macro-calibration literature.

Holding household behavior, factor prices and the social security tax rate fixed at the



baseline with the efficiency profile from Hansen (1993), the population aging parameters

for which the model predicts a roughly 33% decline in the projected retirement benefits are



γ = 0.0001 and µ = 1.553. With these values, benefits decline by 32.5% and the actual life


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