Population Aging and the Macroeconomy: Explorations in the Use of Immigration as an Instrument of Control
Simulation methods are employed to explore the effects of immigration as a control instrument to offset the economic and demographic consequences of low fertility rates and aging population distribution. A neoclassical economic growth model is coupled with a demographic projection model. The combined model is calibrated and used in a series of experiments. The experiments are designed to generate the time paths of a hypothetical but realistic economic-demographic system under alternative assumptions about immigration policy. The government seeks to optimize policy results in the model, according to a specified criterion function. The model is calibrated with Canadian data but some experiments are carried out using initial populations and fertility rates of other countries.
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- Kjetil Storesletten, 2000.
"Sustaining Fiscal Policy through Immigration,"
Journal of Political Economy,
University of Chicago Press, vol. 108(2), pages 300-323, April.
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