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A dynamic multiregional overlapping generations computable general equilibrium model for the study of population ageing in the UK

This project involves building a dynamic multiregional Overlapping Generations Computable General Equilibrium (OLG-CGE) model for the UK and its constituent countries, and applying it to examine the economic effects of population ageing. An OLG-CGE model attempts to provide a comprehensive description of an economy using a system of equations.

The model has an age-disaggregated structure, which allows the modelling of age-specific preferences and behaviour, such as labour supply, productivity, consumption structure, saving behaviour, and retirement decisions. The rich demographic structure of an OLG-CGE model allows for the direct evaluation of the aggregate effects of various scenarios as well as their impacts on different generations.

The multiregional dimension is important because of the regional variations both in the characteristics of demographic change and in policy. Many of the policies that relate most directly to, or are affected by, demographic change are devolved. There are already differences in the policies of the devolved regions on education, health and care for the elderly, and these are likely to diverge more in the future. The implications of having different policies in different regions could potentially generate complex and unexpected interactions between the regional economies.

  • Outputs (3)