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Ageing, human capital and demographic dividends with endogenous growth, labour supply and foreign capital

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  • Edle von Gaessler, Anne
  • Ziesemer, Thomas

    (UNU-MERIT, and SBE Maastricht University)

Abstract

We modify a Lucas-type endogenous growth model to contain endogenous labour supply, imperfect international capital movements, and estimated interest and education time functions. Solutions based on realistic calibrations show that (i) the rate of human capital depreciation through ageing has a much stronger negative impact on growth than further changes in the population growth rate or the Frisch elasticity of labour supply; (ii) a higher rate of human capital depreciation, a higher growth rate of the dependency ratio, and lower past cumulated savings all go together with a higher second-best education time and higher growth; (iii) demographic dividends are positive in the short run but negative in the long run.

Suggested Citation

  • Edle von Gaessler, Anne & Ziesemer, Thomas, 2017. "Ageing, human capital and demographic dividends with endogenous growth, labour supply and foreign capital," MERIT Working Papers 2017-043, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
  • Handle: RePEc:unm:unumer:2017043
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    2. Zhiwei Liu & Yonglei Fang & Lei Ma, 2022. "A Study on the Impact of Population Age Structure Change on Economic Growth in China," Sustainability, MDPI, vol. 14(7), pages 1-15, March.
    3. Ziesemer, Thomas, 2018. "The serendipity theorem for an endogenous open economy growth model," MERIT Working Papers 2018-001, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).

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    More about this item

    Keywords

    Ageing; human capital; endogenous growth; open economy; serendipity theorem;
    All these keywords.

    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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