Ikeda, Daisuke; Saito, Masashi - Bank of Japan - 2012
What are the effects of demographic changes on the real interest rate in Japan? We present a dynamic general …. Our model predicts that a decline in this ratio in the process of population aging lowers the real interest rate; and the … demographic impact on the real interest rate is amplified by a fall in land prices in the presence of collateral constraints. The …