The World Is Ageing—What Are the Macroeconomic Implications?
Traditionally, economists and policymakers have focused on a fairly fixed set of determinants of economic growth, such as investment, consumption, unemployment and trade. More recently, however, the powerful, long-term theme of population ageing has steadily moved to the forefront of macroeconomic thought. From Japan to the United States, and from Europe to China, birth rates have fallen below replacement levels while life expectancy has continued to rise, leading countries to experience an expanding share of older citizens relative to...
