Previous studies have shown that population aging has severe consequences for public spending. However, in welfare states with a federal budget structure, population aging will affect the levels of government to differing degrees. This article focuses on the impact of population aging on the...

Over coming decades, changes in population age structure will have profound implications for the macroeconomy, influencing economic growth, generational equity, human capital, saving and investment, and the sustainability of public and private transfer systems. How the future unfolds will depend...