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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.
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
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.