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    Demographic structure and the macroeconomy

    Aksoy, Yunus and Basso, Henrique and Smith, Ron P. and Grasl, Tobias (2015) Demographic structure and the macroeconomy. [Letter]

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    Abstract

    The disappointing recovery after the crisis has sparked renewed interest in the medium-run outlook of advanced economies. Lower population growth and its impact on labour supply gained widespread prominence. This column takes a more general view identifying the impact of the evolution of demographic structure, or the entire age profile, on the macroeconomy. Age profile changes have significant implications for savings, investment and growth but also affect innovation activities. The population aging predicted for the next decades is found to be a significant factor in reducing output growth and real interest rates across OECD countries.

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