The Demographic Transition in Closed and Open Economies: A Tale of Two Regions
AbstractThis paper constructs a general equilibrium overlapping generation model to evaluate quantitatively how demographic transition (falling mortality and fertility rates) affects aggregate variables (wages, interest rate, output), and inter-generational welfare in closed and open economies. We perform this analysis for two economies calibrated to resemble the North (US and Europe) and Latin America. Our simulations suggest that the demographic transition could have generated income per capita growth up to 0.5% per year in excess of steady-state growth in the past 50 years in Latin America and 0.3% in the North.
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Bibliographic InfoPaper provided by Inter-American Development Bank in its series IDB Publications with number 6461.
Date of creation: Feb 2000
Date of revision:
Economics; Poverty; WP-412;
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