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Household deformation trumps demand management policy in the 21st century

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Abstract

Demographic impacts that will disrupt traditional demand management policy tools are examined. Given the demographics of aging, the lifecycle of consumption for a country, as well as an individual, this paper concludes that one of the key drivers of demand management policy will disappear from many of the wealthy economies over the next 30 years. Economists often speak of the liquidity trap justifying fi scal stimulus. The new mantra may become “forget the liquidity trap, it’s the demographic trap” that weighs down the economy. As a result, systemic issues will loom large, affecting housing demand, development models, and portfolio valuations for many of the pension funds needed to support an aging population. Narrowly focused upon household (de)formation, the paper’s analysis allows to draw wider implications of the impact of the aging populations.

Suggested Citation

  • Karagiannidis, Iordanis & Wilford, D. Sykes, 2018. "Household deformation trumps demand management policy in the 21st century," Journal of Financial Transformation, Capco Institute, vol. 47, pages 67-78.
    • Handle: RePEc:ris:jofitr:1609
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    More about this item

    Keywords

    Demographics; Housing Demand; Household Formation; Keynesian Demand Management; Systemic Risk; Export Led Growth;
    All these keywords.

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household

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