The Economic Impact of Demographic Structure in OECD Countries
CESifo, Munich, 2012
CESifo Working Paper No. 3960
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.
Fiscal Policy, Macroeconomics and Growth
Monetary Policy and International Finance