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Demographic Structure and Macroeconomic Trends

Yunus Aksoy (), Henrique Basso (), Ronald Smith () and Tobias Grasl ()

American Economic Journal: Macroeconomics, 2019, vol. 11, issue 1, 193-222

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 aging and low fertility is projected to reduce output growth, investment and real interest rates across OECD countries.

JEL-codes: E22 E23 E32 E43 J11 J13 (search for similar items in EconPapers)
Date: 2019
Note: DOI: 10.1257/mac.20170114
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Handle: RePEc:aea:aejmac:v:11:y:2019:i:1:p:193-222