Auclert, Adrien; Malmberg, Hannes; Martenet, Frederic; … - National Bureau of Economic Research - 2021
We use a sufficient statistic approach to quantify the general equilibrium effects of population aging on wealth … accumulation, expected asset returns, and global imbalances. Combining population forecasts with household survey data from 25 … compositional effect is positive, large, and heterogeneous across countries, our model predicts that population aging will increase …