摘要：This paper investigates the economic consequences of working while receiving a full
pension (WRFP). We fi nd that WRFP has crowding out eff ect on savings of working
period and crowding in eff ect on savings of WRFP period. We show that a unique nontrivial
steady-state per capita capital stock of the dynamic system exists and increasing the
length of WRFP period and social security contribution rate would increase the speed of
capital accumulation reaching its optimal state. The eff ect of WRFP on welfare gains in
the long run is ambiguous and is determined by the elasticity of capital in the two-period
overlapping generations (OLG) model, whereas it depends not only on the elasticity of
capital but also on the length of WRFP in the three-period OLG model. On the whole,
although WRFP has an incentive eff ect on household agents, welfare losses arisen from
its negative externalities exceed welfare gains.
关键词：working while receiving a full pension; economic eff ects; welfare
implications; OLG model;
