Within an overlapping generations model of economic growth, the paper asks how the existence of a fixed supply of land or housing, whose price is bid up by economic growth, affects the accumulation of productive capital along the balanced growth of the economy. Land rules out the Golden rule...

In this paper, we use improved techniques and updated data from Taiwan to see if, after all, it is possible to tell a story in which demographic change has large effects on saving. We do this, not because we have any reason to revise our previous empirical results-indeed they are replicated on...