|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|97095||2017||13 صفحه PDF||سفارش دهید||6433 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Japan and the World Economy, Volume 42, June 2017, Pages 32-44
This paper studies how population aging affects economic performance and the effectiveness of fiscal and monetary policies. We develop a New Keynesian dynamic stochastic general equilibrium model with heterogeneous households: workers and retirees. We demonstrate that an increase in the proportion of working population increases aggregate output, consumption, and investment by increasing total labor supply in the long run. It also increases wages and reduces the social security burden of the government. This paper also finds that the effectiveness of fiscal and monetary policies is weakened when the proportion of retirees becomes larger.