This paper focuses on the empirically observed relationship between demographic change and inflation and explores the … demographic change and inflation dynamics. We are the first to formally disentangle the two components of demographic change …: population size and structure, and determine how they separately affect inflation. We find that changes in population size are a …

inflation. We exploit cross-country variation in a long panel to identify age structure effects in inflation, controlling for … increases. This relationship accounts for the bulk of trend inflation, for instance, about 7 percentage points of US … disinflation since the 1980s. It predicts rising inflation over the coming decades …

-long spell of low inflation. We identify age structure effects on inflation from cross-country variation in a panel of 22 … is disinflationary. This relationship accounts for the bulk of trend inflation, for instance, about 7 percentage points … of US disinflation since the 1980s. It predicts rising inflation over the coming decades …