This book tells the story of a society reversing deeply held worldviews and revolutionizing its demography. In parts of eighteenth-century Japan, couples raised only two or three children. As villages shrank and domain headcounts dwindled, posters of child-murdering she-devils began to appear,...

The demographic transition can affect the equilibrium real interest rate through three channels. An increase in longevity - or expectations thereof - puts downward pressure on the real interest rate, as agents build up their savings in anticipation of a longer retirement period. A reduction in...

Is Japan's aging and, more recently, declining population hampering growth and reflation efforts? Exploiting demographic and economic variation in prefectural data between 1990 and 2007, we find that aging of the working age population has had a significant negative impact on total factor...