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On financing retirement, health, and long-term care in Japan

McGrattan, Ellen R.; Miyachi, Kazuaki; Peralta-Alva, Adrian - 2018

of Japan. We find that financing the costs of aging through gradual increases in the consumption tax rate delivers a …

Persistent link: https://www.econbiz.de/10011978385

Demographics, pension systems and the saving-investment balance

Chai, Hua; Kim, Jun-il - 2018

This paper studies the effect of demographic change on national saving, global interest rates, and international capital flows, focusing on the role of the public pension system. We develop a small open economy overlapping generations model to illustrate the channels through which demographic...

Persistent link: https://www.econbiz.de/10011978553

More gray, more volatile? : aging and (optimal) monetary policy

Baksa, Daniel; Munkacsi, Zsuzsa - 2019

The evidence on the inflation impact of aging is mixed, and there is no evidence regarding the volatility of inflation …. Based on advanced economies' data and a DSGE-OLG model, we find that aging leads to downward pressure on inflation and … higher inflation volatility. Our paper is also the first, using this framework, to discuss how aging affects the transmission …

Persistent link: https://www.econbiz.de/10012103744

Aging, secular stagnation and the business cycle

Jones, Callum - 2018

As of 2015, U.S. log output per capita was 12 percent below what its pre-2008 linear trend would predict. To understand why, I develop and estimate a model of the US with demographics, real and monetary shocks, and the occasionally binding ZLB on nominal rates. Demographic changes generate...

Persistent link: https://www.econbiz.de/10011848197

South Africa : the cyclical behavior of the markups and its implications for monetary policy

Klein, Nir - 2011

Persistent link: https://www.econbiz.de/10009423213

Cyclicality of Revenue and Structural Balances in South Africa

Aydin, Burcu - 2010

This paper applies a disaggregated method for the calculation of the cyclical component of the budget balance for South Africa with an emphasis on the effect of commodity and asset prices, and credit cycle. Results show that the cyclicality of tax revenue is mostly explained by the variations in...

Persistent link: https://www.econbiz.de/10014397572

South Africa : The Cyclical Behavior of the Markups and its Implications for Monetary Policy

Klein, Nir - 2011

The study looks at the cyclical behavior of the markups and assesses its impact on inflation dynamics. The analysis finds that the aggregate level of the private sector''s markup is relatively high, thus pointing to the lack of strong competition in South Africa''s product markets. Additionally,...

Persistent link: https://www.econbiz.de/10014398328

Work Absence in Europe

Bonato, Leo - 2004

Work absence is an important part of the individual decision on actual working hours. This paper focuses on sickness absence in Europe and develops a stylized model where absence is part of the labor-leisure decision made by workers and the production decision made by profit-maximizing firms,...

Persistent link: https://www.econbiz.de/10014399620

Macroeconomic effects of Japan's demographics : can structural reforms reverse them?

Colacelli, Mariana; Fernandez Corugedo, Emilio - 2018

Yes, partly. This paper studies the potential role of structural reforms in improving Japan's outlook using the IMF's Global Integrated Monetary and Fiscal Model (GIMF) with newly-added demographic features. Implementation of a not-fully-believed path of structural reforms can significantly...

Persistent link: https://www.econbiz.de/10011978382

Demographics, old-age transfers and the current account

Dao, Mai; Jones, Callum - 2018

Building on the evolving literature on the topic, this paper reviews the relationship between demographics and long-run capital flows in both theory and in the data. For this purpose, we develop a two region overlapping generations model where countries differ in their population growth and...

Persistent link: https://www.econbiz.de/10011978549

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