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Prospective Ageing and Economic Growth in Europe

  • Jesus Crespo Cuaresma

    ()

    (Department of Economics, Vienna University of Economics and Business)

  • Martin Lábaj

    ()

    (Department of Economic Policy, Faculty of National Economy, University of Economics in Bratislava)

  • Patrik Pruzinský

    ()

    (Department of Economic Policy, Faculty of National Economy, University of Economics in Bratislava)

We assess empirically the role played by prospective ageing measures as a predictor of income growth in Europe. We show that prospective ageing measures which move beyond chronological age and incorporate changes in life expectancy are able to explain better the recent long-run growth experience of European economies. The improvement in explanatory power of prospective ageing indicators as compared to standard measures based on chronological age is particularly relevant for long-run economic growth horizons.

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Paper provided by Vienna University of Economics and Business, Department of Economics in its series Department of Economics Working Papers with number wuwp165.

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Date of creation: Jan 2014
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Handle: RePEc:wiw:wiwwuw:wuwp165
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Web page: http://www.wu.ac.at/economics/en

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  1. Meijdam, Lex & Verbon, Harrie A A, 1997. "Aging and Public Pensions in an Overlapping-Generations Model," Oxford Economic Papers, Oxford University Press, vol. 49(1), pages 29-42, January.
  2. David E. Bloom & Jeffrey G. Williamson, 1997. "Demographic Transitions and Economic Miracles in Emerging Asia," NBER Working Papers 6268, National Bureau of Economic Research, Inc.
  3. Matteo Cervellati & Uwe Sunde, 2011. "Life expectancy and economic growth: the role of the demographic transition," Journal of Economic Growth, Springer, vol. 16(2), pages 99-133, June.
  4. Diebold, Francis X & Mariano, Roberto S, 2002. "Comparing Predictive Accuracy," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 134-44, January.
  5. Tomas Kögel, 2001. "Youth dependency and total factor productivity," MPIDR Working Papers WP-2001-030, Max Planck Institute for Demographic Research, Rostock, Germany.
  6. Berlemann, Michael & Wesselhöft, Jan-Erik, 2012. "Estimating Aggregate Capital Stocks Using the Perpetual Inventory Method – New Empirical Evidence for 103 Countries –," Working Paper 125/2012, Helmut Schmidt University, Hamburg.
  7. James Feyrer, 2007. "Demographics and Productivity," The Review of Economics and Statistics, MIT Press, vol. 89(1), pages 100-109, February.
  8. Martin Raiser & Indermit S. Gill, 2012. "Golden Growth : Restoring the Lustre of the European Economic Model," World Bank Publications, The World Bank, number 6016.
  9. Klaus Prettner & Alexia Prskawetz, 2010. "Demographic Change in Models of Endogenous Economic Growth. A Survey," Working Papers 1008, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna.
  10. Klaus Prettner, 2011. "Population aging and endogenous economic growth," PGDA Working Papers 7211, Program on the Global Demography of Aging.
  11. Thomas Lindh & Bo Malmberg, 2009. "European Union economic growth and the age structure of the population," Economic Change and Restructuring, Springer, vol. 42(3), pages 159-187, August.
  12. Rafael Gómez & Pablo Hernández de Cos, 2008. "Does Population Ageing Promote Faster Economic Growth?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 54(3), pages 350-372, 09.
  13. David E. Bloom & David Canning & Jaypee Sevilla, 2001. "Economic Growth and the Demographic Transition," NBER Working Papers 8685, National Bureau of Economic Research, Inc.
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