Since the early 1990's the growth rates of the four largest European economies—France, Germany, Italy, and the United Kingdom—have slowed. This persistent slowdown suggests a low-frequency structural change is at work. A combination of longer individual life expectancies and declining...

Since the early 1990's the growth rates of the four largest European economies--France, Germany, Italy, and the United Kingdom--have slowed. This persistent slowdown suggests a low-frequency structural change is at work. A combination of longer individual life expectancies and declining...