著者

木立 力

出版者

青森公立大学

雑誌

青森公立大学経営経済学研究 (ISSN:13419404)

巻号頁・発行日

vol.9, no.2, pp.81-95, 2004-03-20

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In this paper, I examine the general equilibrium effects of early retirement in a Tobin-type continuous overlapping generations model. I show that when the rate of time preference is sufficiently high, early retirement can raise the life-time utility of life-time consumption. If optimal intergenerational lump-sum transfer policies are introduced, early retirement reduces life-time utility, irrespective of the rate of time preference. People can be worse off by retiring late because the capital labor ratio declines far below the golden rule capital labor ratio.