## Impact of Demographic Changes on Inflation and the Macroeconomy

_IMF Working Papers, November 24, 2014_

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## Bibliographic details
- Authors: Jong-Won Yoon, Jinill Kim, Jungjin Lee
- Published: November 24, 2014
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781498396783.001

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### Overview
- Authors: Jong-Won Yoon, Jinill Kim, Jungjin Lee
- Publication date: November 24, 2014
- Type: IMF Working Paper (Working Paper No. 2014/210)
- Pages: 31
- Issue: 210
- Volume: 2014
- DOI: https://doi.org/10.5089/9781498396783.001
- ISBN: 9781498396783
- ISSN: 1018-5941
- Preview citation (Chicago): Jong-Won Yoon, Jinill Kim, and Jungjin Lee. "Impact of Demographic Changes on Inflation and the Macroeconomy", IMF Working Papers 2014, 210 (2014), accessed 9/17/2026, https://doi.org/10.5089/9781498396783.001

### Core findings on demographic dynamics and macroeconomic variables
- Demographic changes will produce a substantial shift in both the size and the age composition of the population.
- Such demographic shifts will have significant impacts on the global economy.
- The paper analyzes empirically how demographic variables move over time and how they influence:
  - economic growth
  - inflation
  - savings and investment
  - fiscal balances
- Empirical findings place particular emphasis on the relationship between demographics and inflation.

### Implications for macroeconomic policy
- Based on empirical findings—particularly regarding inflation—the paper discusses implications for macroeconomic policies, including monetary policy.
- The analysis highlights the importance of incorporating demographic dynamics when formulating macroeconomic policy decisions.

### Policy recommendations and analytical emphasis
- Policy discussions should explicitly account for demographic variables given their potential to produce significant macroeconomic effects.
- There is a need to consider interactions between population dynamics and macroeconomic variables in policy decision-making processes.

*Impact of Demographic Changes on Inflation and the Macroeconomy — IMF Working Paper No. 2014/210 by Jong-Won Yoon, Jinill Kim, and Jungjin Lee (November 24, 2014).*

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/31/impact-of-demographic-changes-on-inflation-and-the-macroeconomy-42463_