Demographic Structure and Macroeconomic Trends

By Yunus Aksoy, Henrique S. Basso, Ronald Smith, Tobias Grasl. American Economic Journal: Macroeconomics, 2019

262 citations recorded by the source corpus.

We estimate the effect of changes in demographic structure on long-term trends of key macroeconomic variables using a panel VAR for 21 OECD economies from 1970 –2014. The panel data variation assists the identification of demographic effects, while the dynamic structure, incorporating multiple channels of influence, uncovers long-term effects. We propose a theoretical model, relating demographics, innovation, and growth, whose simulations match our empirical findings. The current trend of population aging and low fertility is projected to reduce output growth, investment, and real interest rates across OECD countries. (JEL E22, E23, E32, E43, J11, J13)

Subfields: Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/38db849fb2fc252f24e4079d30a79dd7b66c621b

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

  1. S. Ateş
  2. Ufuk Akcigit
  3. Vicente Rios
  4. Roberto Ezcurra
  5. M. D. Ridder

Citations in the corpus