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dc.contributor.authorErlandsen, Solveigen_US
dc.contributor.authorNymoen, Ragnaren_US
dc.date.accessioned2012-09-20T13:12:55Z-
dc.date.available2012-09-20T13:12:55Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/63009-
dc.description.abstractIn this paper the effects on aggregate consumption of changes in the age distribution of the population are analysed empirically. Economic theories predict that age influences individuals’ saving and consumption behaviour. Despite this, age structure effects are rarely controlled for in empirical consumption functions. Our findings suggest that they should. By analysing Norwegian quarterly time series data we find that changes in the age distribution of the population have significant and life cycle consistent effects on aggregate consumption. Furthermore, controlling for age structure effects stabilizes the other parameters of the consumption function and reveals significant real interest rate effects. Simulation experiments show that the numerical effect on the savings rate of age structure changes is substantial when the indirect effects via wealth and income are accounted for.en_US
dc.language.isoengen_US
dc.publisherDep. of Economics, Univ. of Oslo Osloen_US
dc.relation.ispartofseriesMemorandum, Department of Economics, University of Oslo 2004,27en_US
dc.subject.jelC51en_US
dc.subject.jelC53en_US
dc.subject.jelE21en_US
dc.subject.jelJ10en_US
dc.subject.ddc330en_US
dc.subject.keywordConsumptionen_US
dc.subject.keyworddemographyen_US
dc.subject.keywordsavingsen_US
dc.subject.keywordtime series modelsen_US
dc.subject.keywordcointegrationen_US
dc.subject.stwGesamtwirtschaftlicher Konsumen_US
dc.subject.stwAltersstruktur der Bevölkerungen_US
dc.subject.stwSchätzungen_US
dc.subject.stwZeitreihenanalyseen_US
dc.subject.stwKointegrationen_US
dc.subject.stwNorwegenen_US
dc.titleConsumption and population age structureen_US
dc.typeWorking Paperen_US
dc.identifier.ppn478456433en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Memorandum, Department of Economics, University of Oslo

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