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Health and longevity have increased substantially over the last 50 years, yet the labor force participation of older men has declined in most developed countries. We use mortality as a measure of health to assess the capacity to work at older ages in 12 OECD countries. For a given level of...
Persistent link: https://www.econbiz.de/10013090626
Persistent link: https://www.econbiz.de/10002127738
Recreation prices and hours worked have both fallen over the last century. We construct a macroeconomic model with general preferences that allows for trending recreation prices, wages, and work hours along a balanced-growth path. Estimating the model using aggregate data from OECD countries, we...
Persistent link: https://www.econbiz.de/10013305772
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Demand for less skilled workers decreased dramatically in the US and in other developed countries over the past two decades. We argue that pervasive skill-biased technological change rather than increased trade with the developing world is the principal culprit. The pervasiveness of this...
Persistent link: https://www.econbiz.de/10013229065
Persistent link: https://www.econbiz.de/10003590765
There is growing concern about a decline in the total fertility rate worldwide, but nowhere is the concern greater than in OECD countries, some of which already face the prospect of population decline as well. While the trend is largely the result of structural economic and social changes, our...
Persistent link: https://www.econbiz.de/10012760413
consumption, from higher wages associated with population aging. Older, asset-rich households tend to lose, because of the …
Persistent link: https://www.econbiz.de/10012760714
Several recent theories emphasize the negative effects of an aging population on economic growth, either because of the … lower labor force participation and productivity of older workers or because aging will create an excess of savings over … anything, countries experiencing more rapid aging have grown more in recent decades. We suggest that this counterintuitive …
Persistent link: https://www.econbiz.de/10012964893
Population aging and pension reform will have profound effects on international capital markets. First, demographic … reform shifts old-age provision towards more pre-funding. Third, while the patterns of population aging are similar in most …, population aging will induce capital flows between countries. All three effects influence the rate of return to capital and …
Persistent link: https://www.econbiz.de/10013227231