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This paper develops a dynamic, life-cycle, general equilibrium model to study the interdependent demographic, fiscal, and economic transition paths of China, Japan, the U.S., and the EU. Each of these countries/regions is entering a period of rapid and significant aging requiring major fiscal...
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China eventually becomes the world's saver and, thereby, the developed world's savoir with respect to its long-run supply of capital and long-run general equilibrium prospects. And, rather than seeing the real wage per unit of human capital fall, the West and Japan see it rise by one fifth by...
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This paper develops a dynamic, life-cycle, general equilibrium model to study the interdependent demographic, fiscal, and economic transition paths of China, Japan, the U.S., and the EU. Each of these countries/regions is entering a period of rapid and significant aging that will require major...
Persistent link: https://www.econbiz.de/10014220266
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unemployment function. Our results provide evidence of chronic underutilization of productive capacity and hysteresis in … unemployment, especially after the 2008' financial crisis. We show that our series of the rate of capacity utilization are … significant predictors of capacity accumulation, productivity growth and unemployment rates. Moreover, they predict inflation as …
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