Population aging and inflation: evidence from panel cointegration

Autor: Paula C. A. M. de Albuquerque, Jorge Caiado, Andreia Pereira
Jazyk: angličtina
Rok vydání: 2020
Předmět:
Zdroj: Journal of Applied Economics, Vol 23, Iss 1, Pp 469-484 (2020)
Druh dokumentu: article
ISSN: 1514-0326
1667-6726
15140326
DOI: 10.1080/15140326.2020.1795518
Popis: This study investigates the relationship between demography and inflation using panel cointegration for 24 countries during 1961–2014. It shows that the age structure of the population affects inflation. The answer to the question “is population aging inflationary or disinflationary?” depends on the stage of the demographic process and, particularly, on the consideration that the share of mature workers is increasing or decreasing. The empirical results support the existence of a long-run equilibrium function between inflation and the changes in the shares of the population under 20 years of age, young adults (20–34), middle-age people (35–64), and older-old people (75+). The panel least squares equations for inflation with population age shares growth, GDP growth, M2 growth, exchange rate growth, labour costs and recession dummy variables as exogenous regressors allow the identification of the population shares that have positive significant impact on inflation, and those that have negative significant effects on inflation.
Databáze: Directory of Open Access Journals
Externí odkaz:
Nepřihlášeným uživatelům se plný text nezobrazuje