{"id":1441,"date":"2021-05-06T15:44:03","date_gmt":"2021-05-06T13:44:03","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-fr\/events\/demographics-wealth-and-global-imbalances-in-the-twenty-first-century\/"},"modified":"2021-05-06T15:44:03","modified_gmt":"2021-05-06T13:44:03","slug":"demographics-wealth-and-global-imbalances-in-the-twenty-first-century","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-fr\/events\/demographics-wealth-and-global-imbalances-in-the-twenty-first-century\/","title":{"rendered":"Demographics, Wealth, and Global Imbalances in the Twenty-First Century"},"content":{"rendered":"<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><p>The Department of Finance of the University of Luxembourg is pleased to invite you to this seminar with <a href=\"https:\/\/aauclert.people.stanford.edu\/\" target=\"_blank\" title=\"\" rel=\"noopener\">Adrien Auclert\u00a0<\/a>\u00a0from Stanford University.\u00a0<\/p><strong>Abstract<\/strong><p>We use a shift-share approach to quantify the general equilibrium effects of population aging on wealth accumulation, real interest rates, and capital flows. Combining population projections with household survey data from the US and 24 other countries, we project the evolution of wealth-to-GDP ratios by changing the age distribution, holding life-cycle asset and income profiles constant. We find that this compositional effect of aging is large and heterogeneous across countries, ranging from 82 percentage points in Japan to 310 percentage points in India over the rest of the twenty-first century. In a general equilibrium overlapping generations model, our measure of composition provides a very good approximation to the evolution of the wealth-to-GDP ratio due to demographic change when interest rates remain constant. In an integrated world economy, aging generates large global imbalances in the twenty-first century, pushing net foreign asset positions to levels several times larger than those observed until today.<\/p><p>This event will be hosted online.\u00a0<strong>Please register\u00a0<a href=\"https:\/\/www.eventbrite.co.uk\/e\/df-seminar-adrien-auclert-stanford-university-registration-153801716073\" target=\"_blank\" title=\"\" rel=\"noopener\">via Eventbrite<\/a>.<\/strong><\/p><p>This event is supported by the Luxembourg National Research Fund (19\/14002698)<\/p><figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--contain\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/18\/2024\/01\/quadri_gris_transparent_72ppi_1024x207-1.png\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/18\/2024\/01\/quadri_gris_transparent_72ppi_1024x207-1-300x61.png 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/18\/2024\/01\/quadri_gris_transparent_72ppi_1024x207-1-768x155.png 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/18\/2024\/01\/quadri_gris_transparent_72ppi_1024x207-1.png 1024w\"\n                style=\"object-position: 50.00% 50.00%; font-family: &quot;object-fit: contain; object-position: 50.00% 50.00%;&quot;; aspect-ratio: 16\/9; object-fit: contain; width: 100%;\"\n        loading=\"lazy\"\n\/>    <\/figure><\/div><\/section>","protected":false},"excerpt":{"rendered":"<p>The Department of Finance of the University of Luxembourg is pleased to invite you to this seminar with Adrien Auclert\u00a0\u00a0from Stanford University.\u00a0AbstractWe use a shift-share approach to quantify the general equilibrium effects of population aging on wealth accumulation, real interest rates, and capital flows. Combining population projections with household survey data from the US and 24 other countries, we project the evolution of wealth-to-GDP ratios by changing the age distribution, holding life-cycle asset and income profiles constant. We find that this compositional effect of aging is large and heterogeneous across countries, ranging from 82 percentage points in Japan to 310 percentage points in India over the rest of the twenty-first century. In a general equilibrium overlapping generations model, our measure of composition provides a very good approximation to the evolution of the wealth-to-GDP ratio due to demographic change when interest rates remain constant. In an integrated world economy, aging generates large global imbalances in the twenty-first century, pushing net foreign asset positions to levels several times larger than those observed until today.This event will be hosted online.\u00a0Please register\u00a0via Eventbrite.This event is supported by the Luxembourg National Research Fund (19\/14002698)<\/p>\n","protected":false},"author":0,"featured_media":1442,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2021-05-20 17:00:00","event_end_date":"2021-05-20 18:15:00","event_speaker_name":"Adrien Auclert - Stanford University ","event_speaker_link":"","event_is_online":false,"event_location":"Online Event (Webex)","event_street":"","event_location_link":"","event_zip_code":"","event_city":"","event_country":"LU"},"events-topic":[301],"events-type":[],"organisation":[115,100],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Demographics, Wealth, and Global Imbalances in the Twenty-First Century - FDEF I Uni.lu<\/title>\n<meta name=\"description\" content=\"The Department of Finance of the University of Luxembourg is pleased to invite you to this seminar with Adrien Auclert\u00a0\u00a0from Stanford University.\u00a0AbstractWe use a shift-share approach to quantify the general equilibrium effects of population aging on wealth accumulation, real interest rates, and capital flows. Combining population projections with household survey data from the US and 24 other countries, we project the evolution of wealth-to-GDP ratios by changing the age distribution, holding life-cycle asset and income profiles constant. We find that this compositional effect of aging is large and heterogeneous across countries, ranging from 82 percentage points in Japan to 310 percentage points in India over the rest of the twenty-first century. In a general equilibrium overlapping generations model, our measure of composition provides a very good approximation to the evolution of the wealth-to-GDP ratio due to demographic change when interest rates remain constant. In an integrated world economy, aging generates large global imbalances in the twenty-first century, pushing net foreign asset positions to levels several times larger than those observed until today.This event will be hosted online.\u00a0Please register\u00a0via Eventbrite.This event is supported by the Luxembourg National Research Fund (19\/14002698)\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fdef-fr\/events\/demographics-wealth-and-global-imbalances-in-the-twenty-first-century\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Demographics, Wealth, and Global Imbalances in the Twenty-First Century\" \/>\n<meta property=\"og:description\" content=\"The Department of Finance of the University of Luxembourg is pleased to invite you to this seminar with Adrien Auclert\u00a0\u00a0from Stanford University.\u00a0AbstractWe use a shift-share approach to quantify the general equilibrium effects of population aging on wealth accumulation, real interest rates, and capital flows. Combining population projections with household survey data from the US and 24 other countries, we project the evolution of wealth-to-GDP ratios by changing the age distribution, holding life-cycle asset and income profiles constant. We find that this compositional effect of aging is large and heterogeneous across countries, ranging from 82 percentage points in Japan to 310 percentage points in India over the rest of the twenty-first century. In a general equilibrium overlapping generations model, our measure of composition provides a very good approximation to the evolution of the wealth-to-GDP ratio due to demographic change when interest rates remain constant. In an integrated world economy, aging generates large global imbalances in the twenty-first century, pushing net foreign asset positions to levels several times larger than those observed until today.This event will be hosted online.\u00a0Please register\u00a0via Eventbrite.This event is supported by the Luxembourg National Research Fund (19\/14002698)\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uni.lu\/fdef-fr\/events\/demographics-wealth-and-global-imbalances-in-the-twenty-first-century\/\" \/>\n<meta property=\"og:site_name\" content=\"FDEF FR\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/uni.FDEF.lu\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/18\/2026\/03\/03111953\/FDEF_SM-Profile_1600x1600px-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"2560\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.uni.lu\/fdef-fr\/events\/demographics-wealth-and-global-imbalances-in-the-twenty-first-century\/\",\"url\":\"https:\/\/www.uni.lu\/fdef-fr\/events\/demographics-wealth-and-global-imbalances-in-the-twenty-first-century\/\",\"name\":\"Demographics, Wealth, and Global Imbalances in the Twenty-First Century - FDEF I Uni.lu\",\"isPartOf\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-fr\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-fr\/events\/demographics-wealth-and-global-imbalances-in-the-twenty-first-century\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-fr\/events\/demographics-wealth-and-global-imbalances-in-the-twenty-first-century\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/18\/2021\/05\/demographics_wealth_and_global_imbalances_in_the_twenty_first_century.jpg\",\"datePublished\":\"2021-05-06T13:44:03+00:00\",\"dateModified\":\"2021-05-06T13:44:03+00:00\",\"description\":\"The Department of Finance of the University of Luxembourg is pleased to invite you to this seminar with Adrien Auclert\u00a0\u00a0from Stanford University.\u00a0AbstractWe use a shift-share approach to quantify the general equilibrium effects of population aging on wealth accumulation, real interest rates, and capital flows. Combining population projections with household survey data from the US and 24 other countries, we project the evolution of wealth-to-GDP ratios by changing the age distribution, holding life-cycle asset and income profiles constant. We find that this compositional effect of aging is large and heterogeneous across countries, ranging from 82 percentage points in Japan to 310 percentage points in India over the rest of the twenty-first century. In a general equilibrium overlapping generations model, our measure of composition provides a very good approximation to the evolution of the wealth-to-GDP ratio due to demographic change when interest rates remain constant. 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Combining population projections with household survey data from the US and 24 other countries, we project the evolution of wealth-to-GDP ratios by changing the age distribution, holding life-cycle asset and income profiles constant. We find that this compositional effect of aging is large and heterogeneous across countries, ranging from 82 percentage points in Japan to 310 percentage points in India over the rest of the twenty-first century. In a general equilibrium overlapping generations model, our measure of composition provides a very good approximation to the evolution of the wealth-to-GDP ratio due to demographic change when interest rates remain constant. 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