Population aging in Japan: demographic shock and fiscal sustainability |
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| Affiliation: | 1. Department of Economics, 338 Robins School of Business, Richmond, VA 23173, United States;2. Department of Economics, 225F Gatton School of Business and Economics, University of Kentucky, Lexington, KY 40502, United States;3. Department of Economics, 922 Flanner Hall, University of Notre Dame, IN 46556, United States;4. NBER, United States |
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| Abstract: | The paper develops a general equilibrium framework to examine the economic implications of population aging in Japan. Particular attention is paid to aggregate saving behavior, which is modeled on the basis of empirical age-earnings profiles using a life-cycle approach. The paper estimates the output loss caused by demographic changes and assesses the impact of aging on Japan’s government finances. Key fiscal policy options to address the consequences of aging are also compared with respect to their effects on growth and welfare. |
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