Demographics and Real Interest Rates: Inspecting the Mechanism

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Global trends in interest rates (2018, unknown): “A growing literature finds a connection between demographics and low-frequency movements in interest rates (e.g., Aksoy et al., 2015; Carvalho et al., 2016; Favero et al., 2016; Gagnon et al., 2016; Eggertsson et al., 2017; Ferrero et al., 2017).”
Demographic Structure and Macroeconomic Trends (2019, unknown): “Note that in a model without endogenous growth, the increase in longevity and subsequent fall in the MPC of workers, leads to capital deepening and lower real rates, as shown in Carvalho et al. (2016). However, introducing an innovation sector implies that the additional savings boost innovation and”
Are Low Real Interest Rates Here to Stay (2017, background): “In addition, an increase in longevity over and above this increase in retirement age may mean that people of working age choose to save a larger share of their income to fund a longer retirement—pushing up on saving rates (Carvalho, Ferrero, and Nechio 2016).”
Safety, Liquidity, and the Natural Rate of Interest (2017, background): “It builds on the model of Christiano et al. (2005) and Smets and Wouters (2007), and expands it with various features, most notably financial frictions similarly to Bernanke et al.”