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The Economic Impact of Demographic Structure in OECD Countries

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

No 3960, CESifo Working Paper Series from CESifo Group Munich

Abstract: We examine the impact of demographic structure, the proportion of the population in each age group, on growth, savings, investment, hours, interest rates and inflation using a panel VAR estimated from data for 20 OECD economies, mainly for the period 1970-2007. This flexible dynamic structure with interactions among the main macroeconomic variables allows us to estimate long-run effects of demographic structure on the individual countries. Our estimates confirm the importance of these effects.

Keywords: demographic changes; macroeconomic variables; business cycle (search for similar items in EconPapers)
JEL-codes: E32 J11 (search for similar items in EconPapers)
Date: 2012
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