| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16127 |
| DP16127 Aging and the Real Interest Rate in Japan: A Labor Market Channel | |
| Shigeru Fujita; Ippei Fujiwara | |
| 发表日期 | 2021-05-07 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper explores a causal link between aging of the labor force and declining trends in the real interest rate in Japan. We develop a search/matching model that features heterogeneous workers with respect to their ages and firm-specific skills. Using the model, we examine the long-run implications of the sharp drop in labor force entry in the 1970s. We show that the changes in the demographic structure induce significant low-frequency movements in per capita consumption growth and the real interest rate. The model suggests that aging of the labor force accounts for 40 percent or more of the declines in the real interest rate observed between the 1980s and 2000s in Japan. We also examine the impacts of other long-term developments such as a slowdown of TFP growth and higher shares of female and non-regular workers. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Aging Real interest rate Japan |
| URL | https://cepr.org/publications/dp16127 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545101 |
| 推荐引用方式 GB/T 7714 | Shigeru Fujita,Ippei Fujiwara. DP16127 Aging and the Real Interest Rate in Japan: A Labor Market Channel. 2021. |
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