LEADER 02568nam a22004334a 4500
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008 020129s2020 dcu o i00 0 eng d
a| 1513537318 : c| 18.00 USD
a| 10.5089/9781513537313.001 2| doi
a| DcWaIMF b| eng
a| Honda, Jiro.
a| Would Population Aging Change the Output Effects of Fiscal Policy? / c| Jiro Honda.
a| Washington, D.C. : b| International Monetary Fund, c| 2020.
a| 1 online resource (23 pages)
a| text b| txt 2| rdacontent
a| computer b| c 2| rdamedia
a| online resource b| cr 2| rdacarrier
a| IMF Working Papers
a| Part of the IMF eLibrary collection.
a| Restricted for use by site license.
a| Would population aging affect the effectiveness of fiscal stimulus? Despite the renewed focus on population aging, there are few empirical studies on the output effects of fiscal policy in aging economies. Our study fills this gap by analyzing this issue in OECD countries. We find that, as population ages, the output effects of fiscal spending shocks are weakened. We also find that, while high-debt countries generally face weaker fiscal multipliers, high-debt aging economies face even weaker multipliers. These results point to important policy implications: population aging would call for a larger fiscal stimulus to support aggregate demand during recession and thus require larger fiscal space to allow a wider swing of the fiscal position without creating concerns for fiscal sustainability. Our analysis also suggests that policy measures to promote labor supply could help increase the output effect of fiscal stimulus in aging economies.
a| Description based on print version record.
a| Demographic Economics 2| imf
a| Economics of the Elderly 2| imf
a| Economics of the Handicapped 2| imf
a| Fiscal Policies and Behavior of Economic Agents 2| imf
a| Fiscal Policy 2| imf
a| United States 2| imf
a| Miyamoto, Hiroaki.
i| Print Version: a| Honda, Jiro t| Would Population Aging Change the Output Effects of Fiscal Policy? d| Washington, D.C. : International Monetary Fund, 2020. z| 9781513537313
a| IMF eLibrary
a| IMF Working Papers; Working Paper ; v| No. 2020/092