The Economic Impact of Demographic Structure in OECD Countries

36 Pages Posted: 17 Oct 2012

See all articles by Yunus Aksoy

Yunus Aksoy

Birkbeck University of London

Tobias Grasl

University of London - Birkbeck College

Ron Smith

Birkbeck College

Date Written: September 27, 2012

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

JEL Classification: E32, J11

Suggested Citation

Aksoy, Yunus and Grasl, Tobias and Smith, Ron P., The Economic Impact of Demographic Structure in OECD Countries (September 27, 2012). CESifo Working Paper Series No. 3960, Available at SSRN: https://ssrn.com/abstract=2162858 or http://dx.doi.org/10.2139/ssrn.2162858

Yunus Aksoy (Contact Author)

Birkbeck University of London ( email )

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Tobias Grasl

University of London - Birkbeck College ( email )

Malet Street
London, WC1E 7HX
United Kingdom

Ron P. Smith

Birkbeck College ( email )

Malet Street
London WC1E 7HX
United Kingdom
+44 207 631 6413 (Phone)
+44 207 631 6416 (Fax)

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