Demographic Transition and Pension Reforms: Adding Demographics to GIMF

Volume/Issue: Volume 2020 Issue 153

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Topics covered in this book

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Economics- Macroeconomics , Demography , WP , demographics , dynamic stochastic general equilibrium models , macroeconomic interdependence , exchange rate , central bank , risk premium , trade balance , labor market , OLG household , nominal interest rate , market rate of interest , capital stock , GIMF model , rate of return , lending rate , Aging , Population growth , Demographic change , Global , consumption function , spillover effect , world real interest rate , net impact , substitution effect , wealth effect , fiscal policy question

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Summary

The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed at the International Monetary Fund for policy analysis and international economic research. This paper documents the incorporation of demographic features into the model. The analysis presented illustrates how these new features enable the model to estimate some of the macroeconomic consequences of changing demographics.