Demographic Dynamics and the Empirics of Economic Growth

22 Pages Posted: 15 Feb 2006

Date Written: December 1994


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.

JEL Classification: J11, J21, O47

Suggested Citation

Sarel, Michael, Demographic Dynamics and the Empirics of Economic Growth (December 1994). IMF Working Paper No. 94/143, Available at SSRN:

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