Demographic Dynamics and the Empirics of Economic Growth
December 1, 1994
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Summary
This paper examines the effects of demographic dynamics on the measured rates of economic growth. First, it develops a model of production with labor productivity that varies with age. Second, it uses macroeconomic and demographic data to estimate the relative productivity of different age groups. Third, it constructs a panel database of effective labor supply in order to reflect the changing age-structure of the population. Fourth, it decomposes the historical measured growth rates into effects of demographic dynamics and into “real” growth rates, net of demographic effects.
Subject: Aging, Expenditure, Labor, Labor supply, Population and demographics, Production, Productivity, Public expenditure review
Keywords: Aging, database result, economic growth, Labor supply, net productivity, panel database, Productivity, productivity coefficient, Public expenditure review, United Nations data, WP
Pages:
22
Volume:
1994
DOI:
Issue:
143
Series:
Working Paper No. 1994/143
Stock No:
WPIEA1431994
ISBN:
9781451926880
ISSN:
1018-5941
Notes
Also published in Staff Papers, Vol. 42, No. 2, June 1995.
