Affiliation:
1. Division of Research and Statistics, Fiscal Analysis Section, Federal Reserve Board of Governors, 20th and C Streets NW, Washington, DC 20551 (e-mail: )
Abstract
The aging of the US population undoubtedly will be associated with macroeconomic changes. In particular, some combination of lower consumption growth and increased labor input will ultimately be required. But, the timing of these changes can have important effects on variables like the rate of return to capital and wages. If the adjustment to consumption is slow, which would be the case if budget deficits were allowed to rise significantly as the population ages, then aging is likely to be associated with an increase in the return to capital and a reduction in wages.
Publisher
American Economic Association
Subject
Economics and Econometrics
Cited by
27 articles.
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