aging on public investment. Moreover, the estimation of an error correction model reveals long-run Granger causality running … exclusively from aging to investment. Our results are robust to the inclusion of additional control variables typically considered …

robust empirical evidence that population aging depresses real estate prices and rents. Using millions of individual real … have been up to 12% higher, if the population age distribution had been the same as in 2008. We show that population aging … demand for living space and live-cycle dissaving are driving our results. We predict that population aging will continue to …