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dc.contributor.authorErlandsen, Solveigen
dc.contributor.authorNymoen, Ragnaren
dc.date.accessioned2012-09-20T13:12:55Z-
dc.date.available2012-09-20T13:12:55Z-
dc.date.issued2004-
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
dc.language.isoengen
dc.publisher|aUniversity of Oslo, Department of Economics |cOsloen
dc.relation.ispartofseries|aMemorandum |x2004,27en
dc.subject.jelC51en
dc.subject.jelC53en
dc.subject.jelE21en
dc.subject.jelJ10en
dc.subject.ddc330en
dc.subject.keywordConsumptionen
dc.subject.keyworddemographyen
dc.subject.keywordsavingsen
dc.subject.keywordtime series modelsen
dc.subject.keywordcointegrationen
dc.subject.stwGesamtwirtschaftlicher Konsumen
dc.subject.stwAltersstruktur der Bevölkerungen
dc.subject.stwSchätzungen
dc.subject.stwZeitreihenanalyseen
dc.subject.stwKointegrationen
dc.subject.stwNorwegenen
dc.titleConsumption and population age structure-
dc.typeWorking Paperen
dc.identifier.ppn478456433en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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