IDEAS home Printed from https://ideas.repec.org/p/zbw/bubdps/302020.html
   My bibliography  Save this paper

The impact of aging and automation on the macroeconomy and inequality

Author

Listed:
  • Stähler, Nikolai

Abstract

We build a life-cycle model in which a representative firm produces a final good using routine and non-routine labor as well as traditional and automation capital (e.g. robots). Robots can substitute for routine labor. We show that both, population aging and higher robot productivity, foster the increased use of robotics. Population aging decreases and progress in robot technology increases long-run output per capita. In both cases, inequalities in labor income, wealth and consumption rise. Although expected advances in automation technologies are able to mitigate or even circumvent output losses in the aggregate and improve consumption possibilities for everyone, this comes at the cost of increased inequality because non-routine workers benefit disproportionately.

Suggested Citation

  • Stähler, Nikolai, 2020. "The impact of aging and automation on the macroeconomy and inequality," Discussion Papers 30/2020, Deutsche Bundesbank.
  • Handle: RePEc:zbw:bubdps:302020
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/219019/1/1699806276.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Motohiro Yogo, 2004. "Estimating the Elasticity of Intertemporal Substitution When Instruments Are Weak," The Review of Economics and Statistics, MIT Press, vol. 86(3), pages 797-810, August.
    2. Frank A. Cowell & Emmanuel Flachaire, 2014. "Statistical Methods for Distributional Analysis," Working Papers halshs-01115996, HAL.
    3. Francesco Chiacchio & Georgios Petropoulos & David Pichler, 2018. "The impact of industrial robots on EU employment and wages- A local labour market approach," Working Papers 25186, Bruegel.
    4. Gehringer, Agnieszka & Prettner, Klaus, 2019. "Longevity And Technological Change," Macroeconomic Dynamics, Cambridge University Press, vol. 23(4), pages 1471-1503, June.
    5. James Liang & Hui Wang & Edward P. Lazear, 2018. "Demographics and Entrepreneurship," Journal of Political Economy, University of Chicago Press, vol. 126(S1), pages 140-196.
    6. Maya Eden & Paul Gaggl, 2018. "On the Welfare Implications of Automation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 29, pages 15-43, July.
    7. Daron Acemoglu & Pascual Restrepo, 2018. "Modeling Automation," AEA Papers and Proceedings, American Economic Association, vol. 108, pages 48-53, May.
    8. Annarita Baldanzi & Klaus Prettner & Paul Tscheuschner, 2019. "Longevity-induced vertical innovation and the tradeoff between life and growth," Journal of Population Economics, Springer;European Society for Population Economics, vol. 32(4), pages 1293-1313, October.
    9. Brent Neiman, 2014. "The Global Decline of the Labor Share," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 129(1), pages 61-103.
    10. Georg Graetz & Guy Michaels, 2018. "Robots at Work," The Review of Economics and Statistics, MIT Press, vol. 100(5), pages 753-768, December.
    11. Daron Acemoglu & Pascual Restrepo, 2019. "Automation and New Tasks: How Technology Displaces and Reinstates Labor," Journal of Economic Perspectives, American Economic Association, vol. 33(2), pages 3-30, Spring.
    12. Abeliansky, Ana Lucia & Prettner, Klaus, 2017. "Automation and demographic change," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168215, Verein für Socialpolitik / German Economic Association.
    13. Carvalho, Carlos & Ferrero, Andrea & Nechio, Fernanda, 2016. "Demographics and real interest rates: Inspecting the mechanism," European Economic Review, Elsevier, vol. 88(C), pages 208-226.
    14. Röhe, Oke & Stähler, Nikolai, 2020. "Demographics and the decline in firm entry: Lessons from a life-cycle model," Discussion Papers 15/2020, Deutsche Bundesbank.
    15. Papetti, Andrea, 2021. "Demographics and the natural real interest Rate: historical and projected paths for the euro area," Journal of Economic Dynamics and Control, Elsevier, vol. 132(C).
    16. Larry G. Epstein & Stanley E. Zin, 2013. "Substitution, risk aversion and the temporal behavior of consumption and asset returns: A theoretical framework," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 12, pages 207-239, World Scientific Publishing Co. Pte. Ltd..
    17. Daron Acemoglu & Pascual Restrepo, 2018. "Low-Skill and High-Skill Automation," Journal of Human Capital, University of Chicago Press, vol. 12(2), pages 204-232.
    18. Lankisch, Clemens & Prettner, Klaus & Prskawetz, Alexia, 2019. "How can robots affect wage inequality?," Economic Modelling, Elsevier, vol. 81(C), pages 161-169.
    19. Hall, Robert E, 1988. "Intertemporal Substitution in Consumption," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 339-357, April.
    20. Prettner, Klaus, 2019. "A Note On The Implications Of Automation For Economic Growth And The Labor Share," Macroeconomic Dynamics, Cambridge University Press, vol. 23(3), pages 1294-1301, April.
    21. Daron Acemoglu & Pascual Restrepo, 2017. "Secular Stagnation? The Effect of Aging on Economic Growth in the Age of Automation," American Economic Review, American Economic Association, vol. 107(5), pages 174-179, May.
    22. Andreas Irmen, 2021. "Automation, growth, and factor shares in the era of population aging," Journal of Economic Growth, Springer, vol. 26(4), pages 415-453, December.
    23. Cowell, F.A., 2000. "Measurement of inequality," Handbook of Income Distribution, in: A.B. Atkinson & F. Bourguignon (ed.), Handbook of Income Distribution, edition 1, volume 1, chapter 2, pages 87-166, Elsevier.
    24. Lawrence F. Katz & Robert A. Margo, 2014. "Technical Change and the Relative Demand for Skilled Labor: The United States in Historical Perspective," NBER Chapters, in: Human Capital in History: The American Record, pages 15-57, National Bureau of Economic Research, Inc.
    25. Enghin Atalay & Phai Phongthiengtham & Sebastian Sotelo & Daniel Tannenbaum, 2020. "The Evolution of Work in the United States," American Economic Journal: Applied Economics, American Economic Association, vol. 12(2), pages 1-34, April.
    26. David H. Autor & David Dorn, 2013. "The Growth of Low-Skill Service Jobs and the Polarization of the US Labor Market," American Economic Review, American Economic Association, vol. 103(5), pages 1553-1597, August.
    27. Basso, Henrique S. & Jimeno, Juan F., 2021. "From secular stagnation to robocalypse? Implications of demographic and technological changes," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 833-847.
    28. David J. Deming, 2017. "The Growing Importance of Social Skills in the Labor Market," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 132(4), pages 1593-1640.
    29. Yunus Aksoy & Henrique S. Basso & Ron P. Smith & Tobias Grasl, 2019. "Demographic Structure and Macroeconomic Trends," American Economic Journal: Macroeconomics, American Economic Association, vol. 11(1), pages 193-222, January.
    30. Berg, Andrew & Buffie, Edward F. & Zanna, Luis-Felipe, 2018. "Should we fear the robot revolution? (The correct answer is yes)," Journal of Monetary Economics, Elsevier, vol. 97(C), pages 117-148.
    31. Daron Acemoglu & Pascual Restrepo, 2018. "The Race between Man and Machine: Implications of Technology for Growth, Factor Shares, and Employment," American Economic Review, American Economic Association, vol. 108(6), pages 1488-1542, June.
    32. Dengler, Katharina & Matthes, Britta, 2018. "The impacts of digital transformation on the labour market: Substitution potentials of occupations in Germany," Technological Forecasting and Social Change, Elsevier, vol. 137(C), pages 304-316.
    33. Allen, Robert C., 2009. "Engels' pause: Technical change, capital accumulation, and inequality in the british industrial revolution," Explorations in Economic History, Elsevier, vol. 46(4), pages 418-435, October.
    34. Hugo Hopenhayn & Julian Neira & Rish Singhania, 2022. "From Population Growth to Firm Demographics: Implications for Concentration, Entrepreneurship and the Labor Share," Econometrica, Econometric Society, vol. 90(4), pages 1879-1914, July.
    35. David Hémous & Morten Olsen, 2022. "The Rise of the Machines: Automation, Horizontal Innovation, and Income Inequality," American Economic Journal: Macroeconomics, American Economic Association, vol. 14(1), pages 179-223, January.
    36. Kara, Engin & von Thadden, Leopold, 2016. "Interest Rate Effects Of Demographic Changes In A New Keynesian Life-Cycle Framework," Macroeconomic Dynamics, Cambridge University Press, vol. 20(1), pages 120-164, January.
    37. Weil, Philippe, 1989. "Overlapping families of infinitely-lived agents," Journal of Public Economics, Elsevier, vol. 38(2), pages 183-198, March.
    38. Ferrero, Andrea, 2010. "A structural decomposition of the U.S. trade balance: Productivity, demographics and fiscal policy," Journal of Monetary Economics, Elsevier, vol. 57(4), pages 478-490, May.
    39. Gertler, Mark, 1999. "Government debt and social security in a life-cycle economy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 50(1), pages 61-110, June.
    40. Gasteiger, Emanuel & Prettner, Klaus, 2022. "Automation, Stagnation, And The Implications Of A Robot Tax," Macroeconomic Dynamics, Cambridge University Press, vol. 26(1), pages 218-249, January.
    41. Boustan, Leah Platt & Frydman, Carola & Margo, Robert A. (ed.), 2014. "Human Capital in History," National Bureau of Economic Research Books, University of Chicago Press, number 9780226163895, September.
    42. Cortes, Guido Matias & Jaimovich, Nir & Siu, Henry E., 2017. "Disappearing routine jobs: Who, how, and why?," Journal of Monetary Economics, Elsevier, vol. 91(C), pages 69-87.
    43. Acemoglu, Daron & Autor, David, 2011. "Skills, Tasks and Technologies: Implications for Employment and Earnings," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 4, chapter 12, pages 1043-1171, Elsevier.
    44. DeCanio, Stephen J., 2016. "Robots and humans – complements or substitutes?," Journal of Macroeconomics, Elsevier, vol. 49(C), pages 280-291.
    45. Dauth, Wolfgang & Findeisen, Sebastian & Südekum, Jens & Wößner, Nicole, 2017. "German robots - the impact of industrial robots on workers," IAB-Discussion Paper 201730, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany].
    46. David Klenert & Enrique Fernández-Macías & José-Ignacio Antón, 2023. "Do robots really destroy jobs? Evidence from Europe," Economic and Industrial Democracy, Department of Economic History, Uppsala University, Sweden, vol. 44(1), pages 280-316, February.
    47. Yunus Aksoy & Henrique S. Basso & Ron P. Smith, 2017. "Medium-Run Implications of Changing Demographic Structures for the Macro-Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 241(1), pages 58-64, August.
    48. Daron Acemoglu & Pascual Restrepo, 2022. "Demographics and Automation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(1), pages 1-44.
    49. Prettner, Klaus & Strulik, Holger, 2020. "Innovation, automation, and inequality: Policy challenges in the race against the machine," Journal of Monetary Economics, Elsevier, vol. 116(C), pages 249-265.
    50. Leah Platt Boustan & Carola Frydman & Robert A. Margo, 2014. "Human Capital in History: The American Record," NBER Books, National Bureau of Economic Research, Inc, number bous12-1.
    51. Südekum, Jens & Dauth, Wolfgang & Findeisen, Sebastian & Woessner, Nicole, 2017. "German Robots – The Impact of Industrial Robots on Workers," CEPR Discussion Papers 12306, C.E.P.R. Discussion Papers.
    52. Ajay Agrawal & Joshua Gans & Avi Goldfarb, 2019. "The Economics of Artificial Intelligence: An Agenda," NBER Books, National Bureau of Economic Research, Inc, number agra-1.
    53. Chen, Chaoran, 2020. "Capital-skill complementarity, sectoral labor productivity, and structural transformation," Journal of Economic Dynamics and Control, Elsevier, vol. 116(C).
    54. Daron Acemoglu & Pascual Restrepo, 2018. "Demographics and Automation," Boston University - Department of Economics - Working Papers Series dp-299, Boston University - Department of Economics.
    55. Menahem E. Yaari, 1965. "Uncertain Lifetime, Life Insurance, and the Theory of the Consumer," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 32(2), pages 137-150.
    56. Frey, Carl Benedikt & Osborne, Michael A., 2017. "The future of employment: How susceptible are jobs to computerisation?," Technological Forecasting and Social Change, Elsevier, vol. 114(C), pages 254-280.
    57. Auerbach, Alan J & Kotlikoff, Laurence J, 1987. "Evaluating Fiscal Policy with a Dynamic Simulation Model," American Economic Review, American Economic Association, vol. 77(2), pages 49-55, May.
    58. Atalay, Enghin & Phongthiengtham, Phai & Sotelo, Sebastian & Tannenbaum, Daniel, 2018. "New technologies and the labor market," Journal of Monetary Economics, Elsevier, vol. 97(C), pages 48-67.
    59. Arntz, Melanie & Gregory, Terry & Zierahn, Ulrich, 2017. "Revisiting the risk of automation," Economics Letters, Elsevier, vol. 159(C), pages 157-160.
    60. Per Krusell & Lee E. Ohanian & JosÈ-Victor RÌos-Rull & Giovanni L. Violante, 2000. "Capital-Skill Complementarity and Inequality: A Macroeconomic Analysis," Econometrica, Econometric Society, vol. 68(5), pages 1029-1054, September.
    61. A.B. Atkinson & F. Bourguignon (ed.), 2000. "Handbook of Income Distribution," Handbook of Income Distribution, Elsevier, edition 1, volume 1, number 1.
    62. Blanchard, Olivier J, 1985. "Debt, Deficits, and Finite Horizons," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 223-247, April.
    63. Agrawal, Ajay & Gans, Joshua & Goldfarb, Avi (ed.), 2019. "The Economics of Artificial Intelligence," National Bureau of Economic Research Books, University of Chicago Press, number 9780226613338, September.
    64. Tsu-ting Tim Lin & Charles L. Weise, 2019. "A New Keynesian Model with Robots: Implications for Business Cycles and Monetary Policy," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 47(1), pages 81-101, March.
    65. Maliar, Serguei & Winant, Pablo, 2019. "Will Artificial Intelligence Replace Computational Economists Any Time Soon?," CEPR Discussion Papers 14024, C.E.P.R. Discussion Papers.
    66. Ouimet, Paige & Zarutskie, Rebecca, 2014. "Who works for startups? The relation between firm age, employee age, and growth," Journal of Financial Economics, Elsevier, vol. 112(3), pages 386-407.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Andi Faisal Anwar & Angelina Putri Asnun & Abdul Wahab, 2021. "Measuring the Impact of Inclusive Economic Growth; Empirical Study of SDGs in Indonesia," Technium Social Sciences Journal, Technium Science, vol. 25(1), pages 192-218, November.
    2. Daniele Angelini, 2023. "Aging Population and Technology Adoption," Working Paper Series of the Department of Economics, University of Konstanz 2023-01, Department of Economics, University of Konstanz.
    3. Sasaki, Hiroaki, 2023. "Growth with automation capital and declining population," Economics Letters, Elsevier, vol. 222(C).
    4. Xiaomeng Zhang & Theodore Palivos & Xiangbo Liu, 2022. "Aging and automation in economies with search frictions," Journal of Population Economics, Springer;European Society for Population Economics, vol. 35(2), pages 621-642, April.
    5. Jacobs, Arthur, 2023. "Capital-augmenting technical change in the context of untapped automation opportunities," Mathematical Social Sciences, Elsevier, vol. 123(C), pages 155-166.
    6. Siyan Chen & Saul Desiderio, 2023. "An agent-based framework for the analysis of the macroeconomic effects of population aging," Journal of Evolutionary Economics, Springer, vol. 33(2), pages 393-427, April.
    7. Aisa, Rosa & Cabeza, Josefina & Martin, Jorge, 2023. "Automation and aging: The impact on older workers in the workforce," The Journal of the Economics of Ageing, Elsevier, vol. 26(C).
    8. Wang, Linhui & Cao, Zhanglu & Dong, Zhiqing, 2023. "Are artificial intelligence dividends evenly distributed between profits and wages? Evidence from the private enterprise survey data in China," Structural Change and Economic Dynamics, Elsevier, vol. 66(C), pages 342-356.
    9. Arthur Jacobs & Freddy Heylen, 2021. "Demographic change, secular stagnation and inequality: automation as a blessing?," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 21/1030, Ghent University, Faculty of Economics and Business Administration.
    10. Bloom, David E. & Kuhn, Michael & Prettner, Klaus, 2023. "Fertility in High-Income Countries: Trends, Patterns, Determinants, and Consequences," IZA Discussion Papers 16500, Institute of Labor Economics (IZA).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Arthur Jacobs & Freddy Heylen, 2021. "Demographic change, secular stagnation and inequality: automation as a blessing?," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 21/1030, Ghent University, Faculty of Economics and Business Administration.
    2. Röhe, Oke & Stähler, Nikolai, 2020. "Demographics and the Decline in Firm Entry: Lessons from a Life-Cycle Model," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224603, Verein für Socialpolitik / German Economic Association.
    3. Pablo Casas & José L. Torres, 2023. "Automation, automatic capital returns, and the functional income distribution," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 32(1), pages 113-135, January.
    4. Gasteiger, Emanuel & Prettner, Klaus, 2022. "Automation, Stagnation, And The Implications Of A Robot Tax," Macroeconomic Dynamics, Cambridge University Press, vol. 26(1), pages 218-249, January.
    5. Basso, Henrique S. & Jimeno, Juan F., 2021. "From secular stagnation to robocalypse? Implications of demographic and technological changes," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 833-847.
    6. Abeliansky, Ana Lucia & Prettner, Klaus, 2017. "Automation and demographic change," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168215, Verein für Socialpolitik / German Economic Association.
    7. Naude, Wim, 2019. "The race against the robots and the fallacy of the giant cheesecake: Immediate and imagined impacts of artificial intelligence," MERIT Working Papers 2019-005, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    8. Schön, Matthias & Stähler, Nikolai, 2020. "When old meets young? Germany's population ageing and the current account," Economic Modelling, Elsevier, vol. 89(C), pages 315-336.
    9. Ana Lucia Abeliansky & Klaus Prettner, 2021. "Population Growth and Automation Density: Theory and CrossCountry Evidence," VID Working Papers 2102, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna.
    10. Mr. Andrew Berg & Lahcen Bounader & Nikolay Gueorguiev & Hiroaki Miyamoto & Mr. Kenji Moriyama & Ryota Nakatani & Luis-Felipe Zanna, 2021. "For the Benefit of All: Fiscal Policies and Equity-Efficiency Trade-offs in the Age of Automation," IMF Working Papers 2021/187, International Monetary Fund.
    11. Fossen, Frank M. & Sorgner, Alina, 2022. "New digital technologies and heterogeneous wage and employment dynamics in the United States: Evidence from individual-level data," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    12. Abeliansky, Ana Lucia & Prettner, Klaus, 2023. "Automation and population growth: Theory and cross-country evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 208(C), pages 345-358.
    13. Prettner, Klaus & Strulik, Holger, 2020. "Innovation, automation, and inequality: Policy challenges in the race against the machine," Journal of Monetary Economics, Elsevier, vol. 116(C), pages 249-265.
    14. Ana L. ABELIANSKY & Eda ALGUR & David E. BLOOM & Klaus PRETTNER, 2020. "The future of work: Meeting the global challenges of demographic change and automation," International Labour Review, International Labour Organization, vol. 159(3), pages 285-306, September.
    15. Michael Kuhn & Klaus Prettner, 2023. "Rising Longevity, Increasing the Retirement Age, and the Consequences for Knowledge‐based Long‐run Growth," Economica, London School of Economics and Political Science, vol. 90(357), pages 39-64, January.
    16. Arntz, Melanie & Gregory, Terry & Zierahn, Ulrich, 2019. "Digitalization and the Future of Work: Macroeconomic Consequences," IZA Discussion Papers 12428, Institute of Labor Economics (IZA).
    17. Ruppert, Kilian & Stähler, Nikolai, 2020. "Household savings, capital investments and public policies: What drives the German current account?," Discussion Papers 41/2020, Deutsche Bundesbank.
    18. Ruppert, Kilian & Stähler, Nikolai, 2022. "What drives the German current account? Household savings, capital investments and public policies," Economic Modelling, Elsevier, vol. 108(C).
    19. Sergio De Nardis & Francesca Parente, 2022. "Technology and task changes in the major EU countries," Contemporary Economic Policy, Western Economic Association International, vol. 40(2), pages 391-413, April.
    20. Pablo Casas & José L. Torres, 2024. "Government size and automation," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 31(3), pages 780-807, June.

    More about this item

    Keywords

    Life-Cycle model; Automation; Robots; Inequality;
    All these keywords.

    JEL classification:

    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O49 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Other

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:bubdps:302020. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/dbbgvde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.