The Determinants of the Macroeconomic Implications of Aging
研究了美国人口老龄化必然带来的宏观经济变化，特别是消费增长放缓和劳动投入增加，以及调整速度对资本回报率和工资的影响。
The aging of the US population undoubtedly will be associated with macroeconomic changes. In particular, some combination of lower consumption growth and increased labor input will ultimately be required. But, the timing of these changes can have important effects on variables like the rate of return to capital and wages. If the adjustment to consumption is slow, which would be the case if budget deficits were allowed to rise significantly as the population ages, then aging is likely to be associated with an increase in the return to capital and a reduction in wages.