We examine whether Japanese households have begun to dissave and reduce their holdings of risky assets because of population aging over the period 2000–14. While there is little doubt that household savings have decreased, the true trend without a negative income shock in the early 2000s would...

The EU and the US confront distinct factor market dynamics and common policy challenges. Labor market developments and long-term changes in capital markets and capital flows represent key problems in aging societies. This book charts the role of different innovation systems and knowledge...

This paper examines the macroeconomic consequences of future demographic trends for economic growth, financial markets and public finances. It shows that in the absence of reforms and responses by economic agents, the currently projected demographic trends imply a decline in average real GDP...

The EU and the U.S. confront distinct factor market dynamics and common policy challenges. Labor market developments and long-term changes in capital markets and capital flows represent key problems in aging societies. The analyses presented here compare the European and U.S. patterns in this...