Demographic Variation, Capital Accumulation and Asset Prices

Espen R. Henriksen and Chris Telmer

No 2004-E26, GSIA Working Papers from Carnegie Mellon University, Tepper School of Business

Abstract: During the 1990s, asset prices increased significantly in North America and Western Europe and in particular in the United States. This surge in asset prices coincided with the baby boom generation entering its peak earnings and savings years. We use an OLG model with production to ask whether or not this demographic variation can account for the variation in asset prices and other macroeconomic aggregates.

Date: 2004-10
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