This study explores the linkage between the labor force participation of the elderly and the long-run performance of the economy in the context of a two-period-lived overlapping generations model. We assume that the old agents are heterogeneous in their labor efficiency and they continue working if their income exceeds the pension that can be received in the case of full retirement. We first inspect the key factors that determine the retirement decision of the elderly. We then examine analytically as well as numerically the long-run impact of labor participation of the elderly on capital accumulation and income distribution.

中文翻译：

---

新古典增长模型下的养老金改革、人口老龄化与老年人退休决策

本研究探讨了在两代人生活重叠模型的背景下，老年人的劳动力参与与经济的长期表现之间的联系。我们假设老代理人的劳动效率存在异质性，如果他们的收入超过完全退休情况下可以领取的养老金，他们就会继续工作。我们首先考察决定老年人退休决策的关键因素。然后，我们通过分析和数值检验了老年人劳动参与对资本积累和收入分配的长期影响。