of aging of the baby boomer generation and low fertility rates have produced very rapid aging. Japan now finds itself …. Aging is already placing a burden on government finances, and Japan's ability to confront the negative fiscal implications … of future aging is constrained by its very high debt-to-GDP ratio. We find that Japan faces a severe fiscal crisis if …

We provide a quantitative theory of deflation and secular stagnation. In our lifecycle framework, an aging population …

Would population aging affect the effectiveness of fiscal stimulus? Despite the renewed focus on population aging …, there are few empirical studies on the output effects of fiscal policy in aging economies. Our study fills this gap by … weakened. We also find that, while high-debt countries generally face weaker fiscal multipliers, high-debt aging economies face …