This paper studies the relationship between demographic change and international capital flows using a large cross-country time-series dataset. The analysis provides empirical evidence of a substantial and twofold demographic effect on international capital flows: First, capital flows are...

We propose and test a general equilibrium model in which longer working time and higher labor force participation lead to a fall in unemployment. Longer working hours and higher labor force participation have two direct effects: People have higher incomes and less (leisure) time. This has...

Decision processes among couples depend on the balance of power between the partners, determining the welfare of household members as well as household outcomes. However, little is known about the determinants of power. The collective model of household behavior gives an operational definition...

This paper analyzes the macroeconomic effect of population aging on the aggregate demand for goods and services between 2000 and 2040. As the composition of goods and services consumed varies over the life cycle, the aggregate demand structure is likely to change as well when the population is...