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Population Aging

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  • David N. Weil

Abstract

Population aging is primarily the result of past declines in fertility, which produced a decades long period in which the ratio of dependents to working age adults was reduced. Rising old-age dependency in many countries represents the inevitable passing of this %u201Cdemographic dividend.%u201D Societies use three methods to transfer resources to people in dependent age groups: government, family, and personal saving. In developed countries, families are predominant in supporting children, while government is the main source of support for the elderly. The most important means by which aging will affect aggregate output is the distortion from taxes to fund PAYGO pensions.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 12147.

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Date of creation: Apr 2006
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Publication status: published as Weil, David. “Population Aging,” in New Palgrave Encyclopedia of Economics, second edition, 2008.
Handle: RePEc:nbr:nberwo:12147

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  1. David N. Weil, 1999. "Population Growth, Dependency, and Consumption," American Economic Review, American Economic Association, American Economic Association, vol. 89(2), pages 251-255, May.
  2. Gary Burtless, 2006. "Cross-National Evidence on the Burden of Age-Related Public Transfers and Health Benefits," Working Papers, Center for Retirement Research at Boston College wp2006-6, Center for Retirement Research, revised Feb 2006.
  3. Cutler, D.M. & Poterba, J.M. & Sheiner, L.M. & Summers, L.H., 1990. "An Aging Society: Opportunity Or Challenge," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 553, Massachusetts Institute of Technology (MIT), Department of Economics.
  4. Kyung-Mook Lim & David N. Weil, 2003. "The Baby Boom and the Stock Market Boom," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 105(3), pages 359-378, 09.
  5. Heinrich Hock & David Weil, 2012. "On the dynamics of the age structure, dependency, and consumption," Journal of Population Economics, Springer, Springer, vol. 25(3), pages 1019-1043, July.
  6. Robin Brooks, 2003. "Population Aging and Global Capital Flows in a Parallel Universe," IMF Staff Papers, Palgrave Macmillan, vol. 50(2), pages 3.
  7. Andrew Mason & Ronald Lee & An-Chi Tung & Mun-Sim Lai & Tim Miller, 2006. "Population Aging and Intergenerational Transfers: Introducing Age into National Accounts," NBER Working Papers 12770, National Bureau of Economic Research, Inc.
  8. Kathleen McGarry & Robert F. Schoeni, 1998. "Social Security, Economic Growth, and the Rise in Independence of Elderly Widows in the 20th Century," NBER Working Papers 6511, National Bureau of Economic Research, Inc.
  9. Edward C. Prescott, 2004. "Why Do Americans Work So Much More Than Europeans?," Levine's Bibliography 122247000000000413, UCLA Department of Economics.
  10. James M. Poterba, 2001. "Demographic Structure And Asset Returns," The Review of Economics and Statistics, MIT Press, vol. 83(4), pages 565-584, November.
  11. Douglas W. Elmendorf & Louise M. Sheiner, 2000. "Should America save for its old age? Population aging, national saving, and fiscal policy," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2000-03, Board of Governors of the Federal Reserve System (U.S.).
  12. Jagadeesh Gokhale & Kent Smetters, 2006. "Fiscal and Generational Imbalances: An Update," NBER Chapters, in: Tax Policy and the Economy, Volume 20, pages 193-223 National Bureau of Economic Research, Inc.
  13. repec:fth:harver:1490 is not listed on IDEAS
  14. Douglas W. Elmendorf & Louise M. Sheiner, 2000. "Should America Save for Its Old Age? Fiscal Policy, Population Aging, and National Saving," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 14(3), pages 57-74, Summer.
  15. Weil, David N, 1994. "The Saving of the Elderly in Micro and Macro Data," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 109(1), pages 55-81, February.
  16. Ronald D. Lee, . "A CrossCultural Perspective on Intergenerational Transfers and the Economic Life Cycle," Working Papers, University of California at Berkeley, Demography of Aging _001, University of California at Berkeley, Demography of Aging.
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