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ResearchPaper
2016
Population growth, saving, interest rates and stagnation : discussing the Eggertsson-Mehrotra model
Population growth, saving, interest rates and stagnation : discussing the Eggertsson-Mehrotra model
Abstract (English)
Post Keynesian stagnation theory argues that slower population growth dampens consumption and investment. A New Keynesian OLG model derives an unemployment equilibrium due to a negative natural rate in a three-generations credit contract framework. Besides deleveraging or rising inequality, also a shrinking population is a triggering factor. In all cases, a saving surplus drives real interest rates down. In other OLG settings however, with bonds as stores of value, slower population growth, on the contrary, causes a lack of saving and thus rising rates. Moreover, the recent fall in market interest rates was brought about by monetary factors.
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Hohenheim discussion papers in business, economics and social sciences; 2016,04
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Faculty of Business, Economics and Social Sciences
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Institute of Economics
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English
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330 Economics
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BibTeX
@techreport{Spahn2016,
url = {https://hohpublica.uni-hohenheim.de/handle/123456789/6015},
author = {Spahn, Peter},
title = {Population growth, saving, interest rates and stagnation : discussing the Eggertsson-Mehrotra model},
year = {2016},
school = {Universität Hohenheim},
series = {Hohenheim discussion papers in business, economics and social sciences},
}