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The Wealth of Working Nations

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Listed:
  • Jesús Fernández-Villaverde
  • Gustavo Ventura
  • Wen Yao

Abstract

GDP growth per capita and GDP growth per working-age adult have become quite different in advanced economies. Countries with lackluster GDP growth per capita, such as Japan, have performed well in working-age adult terms. Furthermore, many advanced economies are on parallel growth trajectories in working-age adult terms despite differences in levels. We calibrate a standard growth model in which the growth of the working-age adult population varies in line with the data. The calibrated model tracks output per working-age adult in most cases. We conclude that the growth of mature, aging economies is not puzzling from a theoretical perspective.

Suggested Citation

  • Jesús Fernández-Villaverde & Gustavo Ventura & Wen Yao, 2023. "The Wealth of Working Nations," NBER Working Papers 31914, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:31914
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    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General

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