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Population Aging and the Macroeconomy: Explorations in the Use of Immigration as an Instrument of Control

Frank Denton and Byron Spencer

Quantitative Studies in Economics and Population Research Reports from McMaster University

Abstract: Simulation methods are employed to explore the effects of immigration as a control instrument to offset the economic and demographic consequences of low fertility rates and aging population distribution. A neoclassical economic growth model is coupled with a demographic projection model. The combined model is calibrated and used in a series of experiments. The experiments are designed to generate the time paths of a hypothetical but realistic economic-demographic system under alternative assumptions about immigration policy. The government seeks to optimize policy results in the model, according to a specified criterion function. The model is calibrated with Canadian data but some experiments are carried out using initial populations and fertility rates of other countries.

Keywords: immigration; macroeconomy; aging population; low fertility (search for similar items in EconPapers)
JEL-codes: E17 J11 J18 (search for similar items in EconPapers)
Pages: 54 pages
Date: 2005-10
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (1)

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Working Paper: Population Aging and the Macroeconomy: Explorations in the Use of Immigration as an Instrument of Control (2005) Downloads
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