Life expectancy and business cycles in a small open economy

Material type: 文書・図像類

Author: Tserenkhuu, Tselmuunほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2024-11

Material Format: Paper

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Note (General)：: This paper examines the effects of increased life expectancy on the short-run macroeconomic stability of a typical small open economy. We develop a re...

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Paper

Material Type: 文書・図像類
Title: Life expectancy and business cycles in a small open economy
Author/Editor: Tserenkhuu, Tselmuun
Kosempel, Stephen
Author Heading: Tserenkhuu, Tselmuun
Kosempel, Stephen
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2024-11
Publication Date (W3CDTF): 2024-11
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1263
Volume: 1263
Pages: 1-39
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: Business cycles
Life expectancy
Finite lifetimes
Small open economy
Target Audience: 一般
Note (General): This paper examines the effects of increased life expectancy on the short-run macroeconomic stability of a typical small open economy. We develop a real-business-cycle (RBC) model of a small open economy that is consistent with the main empirical facts of economic fluctuations in open economies. Different from the previous satisfactory open-economy extensions of the baseline RBC model, given its finite lifetimes feature, our framework also helps rationalize some of the key results from recent empirical literature on the relationship between longevity and business cycles. In our model, changes in life expectancy change the planning horizon of individuals and thus affect their intertemporal choices. Consequently, the cyclical volatilities of aggregate variables are also affected. As a numerical exercise, we quantify how increased life expectancy has impacted Canadian business cycle fluctuations over the past forty years. The results indicate that the fluctuations in physical capital, human capital, and consumption all decrease as life expectancy increases. On the other hand, the fluctuation of hours worked, output, and trade balance ratio are found to increase with life expectancy.
References (URI): URI
https://www.iser.osaka-u.ac.jp/library/dp/2024/DP1263.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華