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A Stochastic Forecast Model for Japan's Population

Author

Listed:
  • Yoichi Okita
  • Wade Pfau
  • Giang Long

Abstract

Obtaining appropriate forecasts for the future population is a vital component of public policy analysis for issues ranging from government budgets to pension systems. Traditionally, demographic forecasters rely on a deterministic approach with various scenarios informed by expert opinion. This approach has been widely criticized, and we apply an alternative stochastic modeling framework that can provide a probability distribution for forecasts of the Japanese population. We find the potential for much greater variability in the future demographic situation for Japan than that implied by existing deterministic forecasts. This demands greater flexibility from policy makers when confronting population aging issues.

Suggested Citation

  • Yoichi Okita & Wade Pfau & Giang Long, 2011. "A Stochastic Forecast Model for Japan's Population," Japanese Economy, Taylor & Francis Journals, vol. 38(2), pages 19-44.
  • Handle: RePEc:mes:jpneco:v:38:y:2011:i:2:p:19-44
    DOI: 10.2753/JES1097-203X380202
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    File URL: http://hdl.handle.net/10.2753/JES1097-203X380202
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    References listed on IDEAS

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    1. Lee, Ronald D., 1993. "Modeling and forecasting the time series of US fertility: Age distribution, range, and ultimate level," International Journal of Forecasting, Elsevier, vol. 9(2), pages 187-202, August.
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    More about this item

    JEL classification:

    • J1 - Labor and Demographic Economics - - Demographic Economics
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods

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