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Impact of Demographic Changes on Inflation and the Macroeconomy
Author:
Mr. Jong-Won Yoon
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Mr. Jinill Kim null

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Jungjin Lee
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Series:
IMF Working Papers
Volume/Issue:
Volume 2014: Issue 210
Language:
English
Publication Date:
24 Nov 2014
DOI:
https://doi.org/10.5089/9781498396783.001
ISBN:
9781498396783
ISSN:
1018-5941
Pages:
31
Keywords:
WP; inflation; GDP; life expectancy; share; fertility rate; Demographic Changes; Population Aging; Macroeconomic Impact; Savings and Investment; Monetary Policy; Fiscal Policy; population share; share variable; terms of trade; inflation behavior; influence saving; population change; Demographic change; Population growth; Aging; Global
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The ongoing demographic changes will bring about a substantial shift in the size and the age composition of the population, which will have significant impact on the global economy. Despite potentially grave consequences, demographic changes usually do not take center stage in many macroeconomic policy discussions or debates. This paper illustrates how demographic variables move over time and analyzes how they influence macroeconomic variables such as economic growth, inflation, savings and investment, and fiscal balances, from an empirical perspective. Based on empirical findings—particularly regarding inflation—we discuss their implications on macroeconomic policies, including monetary policy. We also highlight the need to consider the interactions between population dynamics and macroeconomic variables in macroeconomic policy decisions.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund