Aksoy, Yunus and Basso, H.S. and Smith, Ron P. and Grasl, Tobias (2019) Demographic structure and macroeconomic trends. American Economic Journal: Macroeconomics 11 (1), pp. 193-222. ISSN 1945-7707.
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Abstract
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 ageing and low fertility is projected to reduce output growth, investment and real interest rates across OECD countries.
Metadata
| Item Type: | Article |
|---|---|
| School: | Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School |
| Research Centres and Institutes: | Applied Macroeconomics, Birkbeck Centre for, Innovation Management Research, Birkbeck Centre for |
| Depositing User: | Yunus Aksoy |
| Date Deposited: | 01 Feb 2018 11:19 |
| Last Modified: | 02 Aug 2023 17:39 |
| URI: | https://eprints.bbk.ac.uk/id/eprint/21085 |
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