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Ageing and the real interest rate in Japan: A labour market channel

Summary:
Shigeru Fujita and Ippei Fujiwara in this voxeu research: The Japanese economy has experienced a prolonged slowdown in growth and persistent declines in the real interest rate, while at the same time the country’s labour force has been rapidly ageing. This column explores a novel causal link between the ageing labour force and the low-frequency declining trend in the real interest rate since the 1970s, and suggests that the ageing of the labour force accounts for 40% or more of the declines in the real interest rate observed between the 1980s and 2000s in Japan. This entry was posted on October 14, 2021 at 7:08 pm and is filed under Academic research & research papers, Economics - macro, micro etc, Financial Markets/ Finance.

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Shigeru Fujita and Ippei Fujiwara in this voxeu research:

Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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