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Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation
National Bureau of Economic Research [NBER], purchase required 
Mar. 4, 2013
"Projected demographic changes in industrialized and developing countries vary in extent and timing but will reduce the share of the population in working age everywhere.... [O]penness has a relatively mild effect. In contrast, endogenous human capital formation in combination with an increase in the retirement age has strong effects. Under these adjustments maximum welfare losses of demographic change for households alive in 2010 are reduced by about 3 percentage points."
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