Demographic Dynamics and the Empirics of Economic Growth

Michael Sarel

No 1994/143, IMF Working Papers from International Monetary Fund

Abstract: This paper examines the effects of demographic dynamics on the measured rates of economic growth. First, it develops a model of production with labor productivity that varies with age. Second, it uses macroeconomic and demographic data to estimate the relative productivity of different age groups. Third, it constructs a panel database of effective labor supply in order to reflect the changing age-structure of the population. Fourth, it decomposes the historical measured growth rates into effects of demographic dynamics and into “real” growth rates, net of demographic effects.

Keywords: WP; economic growth; productivity coefficient; net productivity; panel database; database result; United Nations data; Labor supply; Productivity; Aging; Public expenditure review (search for similar items in EconPapers)
Pages: 22
Date: 1994-12-01
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