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Aging, Secular Stagnation and the Business Cycle
16 references·1 citing·52 second hop
Aging, Secular Stagnation and the Business Cycle (2018)Aging, Secular Stagnation and the Busines…Understanding the New Normal: The Role of Demographics (2021)Understanding the New Normal:…Estimating DSGE models with zero interest rate policy (2017)Estimating DSGE models with z…The Effect of Population Aging on Economic Growth, the Labor Force and Productivity (2016)The Effect of Population Agin…Estimation and Solution of Models with Expectations and Structural Changes (2016)Estimation and Solution of Mo…What Do Data on Millions of U.S. Workers Reveal about Life-Cycle Earnings Risk? (2015)What Do Data on Millions of U…The Equilibrium Real Funds Rate: Past, Present and Future (2015)The Equilibrium Real Funds Ra…Macroeconomic Dynamics Near the ZLB: A Tale of Two Countries (2013)Macroeconomic Dynamics Near t…Review of Estimates of the Frisch Elasticity of Labor Supply (2012)Review of Estimates of the Fr…When is the government spending multiplier large? (2009)When is the government spendi…Global demographic trends and social security reform (2006)Global demographic trends and…Bayesian Analysis of DSGE Models (2006)Bayesian Analysis of DSGE Mod…Economic Growth and the Demographic Transition (2001)Economic Growth and the Demog…Income and Wealth Heterogeneity in the Macroeconomy (1998)Income and Wealth Heterogenei…Debt, Deficits and Finite Horizons (1984)Debt, Deficits and Finite Hor…Intertemporal Asset Pricing with Heterogeneous Consumers and Without Demand Aggregation (1982)Intertemporal Asset Pricing w…Uncertain Lifetime, Life Insurance, and the Theory of the Consumer (1965)Uncertain Lifetime, Life Insu…The impact of population aging on business cycles volatility: International evidence (2020)The impact of population agin…A Theory of the Consumption Function. (1958)Are Government Bonds Net Wealth? (1974)Assessing Ricardian Equivalence (2003)Health and Economic Growth (2005)Federal regulation and aggregate economic growth (2013)Dynamic Fiscal Policy. (1989)Effective tax rates in macroeconomics (1994)Demographic change, human capital and welfare (2011)Fiscal cost of demographic transition in Japan (2015)Why Doesn't Capital Flow from Rich to Poor Countries? (2017)Demographics and Automation (2018)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The arbitrage theory of capital asset pricing (1976)Asset‐pricing Puzzles and Incomplete Markets (1993)The term structure of interest rates in a pure exchange economy with heterogeneous investors (1995)Consensus Consumer and Intertemporal Asset Pricing with Heterogeneous Beliefs (2007)A Contribution to the Theory of Economic Growth (1956)A Treatise on the Family (1991)A Contribution to the Empirics of Economic Growth (1992)Population, food, and knowledge: a simple unified growth theory (2008)On the dynamics of the age structure, dependency, and consumption (2011)Population Aging and Economic Growth in China (2012)Investment, Capacity Utilization and the Real Business Cycle (1986)Occupational Choice and the Process of Development (1993)Uninsured Idiosyncratic Risk and Aggregate Saving (1994)The Value Premium (2005)Transition Modeling and Econometric Convergence Tests (2007)Household Balance Sheets, Consumption, and the Economic Slump* (2013)The General Theory of Employment, Interest and Money. (1936)The Financial Accelerator in a Quantitative Business Cycle Framework (1998)An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area (2003)Dynamics of fiscal financing in the United States (2009)Government Investment and Fiscal Stimulus (2010)Credit Crises, Precautionary Savings, and the Liquidity Trap* (2017)Discretion versus policy rules in practice (1993)By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior (1999)Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy (2005)A Time Series Model of Interest Rates With the Effective Lower Bound (2016)Risk Management for Monetary Policy Near the Zero Lower Bound (2016)A Time‐Series Model of Interest Rates with the Effective Lower Bound (2021)International Journal of Central Banking (2012)The Effect of Population Aging on Economic Growth, the Labor Force and Productivity (2016)The Rise and Fall of American Growth (2016)What Explains the Decline in r*? Rising Income Inequality Versus Demographic Shifts (2021)The Effect of Population Aging on Economic Growth, the Labor Force, and Productivity (2023)Precautionary Saving and Social Insurance (1995)Entrepreneurship, Frictions, and Wealth (2006)Monetary Policy According to HANK (2018)The demographic deficit (2017)Nonlinear effects of population aging on economic growth (2019)Population ageing, labour market rigidity and corporate innovation: Evidence from China (2021)
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References

  • 1965Uncertain Lifetime, Life Insurance, and the Theory of the Consumer3,204 cited
  • 1998Income and Wealth Heterogeneity in the Macroeconomy2,299 cited
  • 1982Intertemporal Asset Pricing with Heterogeneous Consumers and Without Demand Aggregation353 cited
  • 2001Economic Growth and the Demographic Transition332 cited
  • 1984Debt, Deficits and Finite Horizons222 cited
  • 2009When is the government spending multiplier large?214 cited
  • 2016The Effect of Population Aging on Economic Growth, the Labor Force and Productivity204 cited
  • 2006Global demographic trends and social security reform196 cited
  • 2015The Equilibrium Real Funds Rate: Past, Present and Future109 cited
  • 2021Understanding the New Normal: The Role of Demographics108 cited
  • 2006Bayesian Analysis of DSGE Models106 cited
  • 2015What Do Data on Millions of U.S. Workers Reveal about Life-Cycle Earnings Risk?91 cited
  • 2017Estimating DSGE models with zero interest rate policy86 cited
  • 2012Review of Estimates of the Frisch Elasticity of Labor Supply74 cited
  • 2016Estimation and Solution of Models with Expectations and Structural Changes54 cited

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2013
Macroeconomic Dynamics Near the ZLB: A Tale of Two Countries
38 cited

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  • 2020The impact of population aging on business cycles volatility: International evidence13 cited