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Demographics, Productivity Growth and the Macroeconomic Equilibrium

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  • Hu, Sheng-Cheng

Abstract

This paper investigates the economic effects of demographics and productivity growth in an intertemporal optimizing model with age-based heterogeneity and induced retirement. The author's analysis reveals that the projected 'population aging' is likely to increase the growth rate of output and to improve the welfare of the economy, especially if there are no distortional policies that prevent retirement decisions from adjusting endogenously to the demographic changes. The economy also displays different patterns of dynamic adjustment in the quantity and price variables depending upon whether retirement is endogenous. Copyright 1995 by Oxford University Press.

Suggested Citation

  • Hu, Sheng-Cheng, 1995. "Demographics, Productivity Growth and the Macroeconomic Equilibrium," Economic Inquiry, Western Economic Association International, vol. 33(4), pages 592-610, October.
  • Handle: RePEc:oup:ecinqu:v:33:y:1995:i:4:p:592-610
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    Cited by:

    1. Zakir Husain & Mousumi Dutta & Nidhi Chowdhary, 2014. "Is Health Wealth? Results of a Panel Data Analysis," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 117(1), pages 121-143, May.
    2. Heijdra, Ben J. & Romp, Ward E., 2009. "Retirement, pensions, and ageing," Journal of Public Economics, Elsevier, vol. 93(3-4), pages 586-604, April.
    3. Blackburn, Keith & Cipriani, Giam Pietro, 2005. "Intergenerational transfers and demographic transition," Journal of Development Economics, Elsevier, vol. 78(1), pages 191-214, October.
    4. K Blackburn & H Issa, 2002. "Endogenous Life Expectancy in a Simple Model of Growth," Centre for Growth and Business Cycle Research Discussion Paper Series 13, Economics, The Univeristy of Manchester.
    5. Zhang, Jie & Zhang, Junsen, 2001. "Longevity and economic growth in a dynastic family model with an annuity market," Economics Letters, Elsevier, vol. 72(2), pages 269-277, August.
    6. Echevarria, Cruz A., 2004. "Life expectancy, retirement and endogenous growth," Economic Modelling, Elsevier, vol. 21(1), pages 147-174, January.
    7. Zhang, Junsen & Zhang, Jie & Lee, Ronald, 2001. "Mortality decline and long-run economic growth," Journal of Public Economics, Elsevier, vol. 80(3), pages 485-507, June.
    8. Hu, Sheng-Cheng, 1999. "Economic Growth in the Perpetual-Youth Model: Implications of the Annuity Market and Demographics," Journal of Macroeconomics, Elsevier, vol. 21(1), pages 107-124, January.

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