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"Effects of the Changing U.S. Age Distribution on Macroeconomic Equations," (with K. M. Dominguez), The American Economic Review, December 1991, 1276-1294.
pdf file (1,210KB).

Abstract

The effects of the changing U.S. age distribution on various macroeconomic equations are examined in this paper. The equations include consumption, housing-investment, money-demand, and labor-force-participation equations. There seems to be enough variance in the age-distribution data to allow reasonably precise estimates of the effects of the age distribution on the macro variables.

Comments

This paper examines whether age distribution effects can be picked up in various macro equations. For some equations the answer appears to be yes. In the current version of the US model there are age distribution variables in the three consumption equations (equations 1, 2, and 3). The material in Chapter 4, Section 4.7, in 1994#2 is based on this paper.