American Economic Review: Vol. 104 No. 5 (May 2014)

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Macroeconomic Consequences of Population Aging in the United States: Overview of a National Academy Report

Article Citation

Lee, Ronald D. 2014. "Macroeconomic Consequences of Population Aging in the United States: Overview of a National Academy Report." American Economic Review, 104(5): 234-39.

DOI: 10.1257/aer.104.5.234

Abstract

The US population will age rapidly for several decades and then more slowly, with less aging than most rich nations. Health of the elderly has greatly improved, but disability stagnated after 2000. Retirement age reversed its decline in the mid-1990s and health status leaves ample room for increased elder labor supply. Many older people have inadequate retirement savings and face additional risks including uncertainty about both public and private pensions and health insurance. Population aging may cause a small decline in rates of return. The main problem is the impact of population aging on public programs for the elderly.

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Authors

Lee, Ronald D. (U CA, Berkeley)

JEL Classifications

E21: Macroeconomics: Consumption; Saving; Wealth
E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
H55: Social Security and Public Pensions
I13: Health Insurance, Public and Private
J14: Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination
J22: Time Allocation and Labor Supply
J32: Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions


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