Understanding the decline in the labour force participation rate in the United States

Steven Braun, John Coglianese, Jason Furman, Betsey Stevenson, Jim Stock 18 August 2014

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In part due to the vigorous, multi-front response to the economic crisis, the US has enjoyed a sustained economic recovery that has exceeded most contemporaneous and historical financial crisis benchmarks. Up until a year ago, the unemployment rate was falling by an average of 0.7 percentage points per year, roughly tracking the more successful historical experiences, and well exceeding the norm following a financial crisis. In the past year, the pace of the decline in the unemployment rate has doubled.

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Topics:  Global crisis Labour markets

Tags:  Labour force participation, US, Ageing population

Risks to the individual in defined contribution pension schemes

Ian Tonks, Edmund Cannon 20 August 2012

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The UK is about to make a massive change to its pension system. Auto-enrolment into a pension scheme comes into effect in Autumn 2012, as a quasi-compulsory defined contribution national pension scheme is introduced called NEST (National Employment Savings Trust). From October 2012, employers will be obliged to automatically enrol employees into a qualifying pension scheme (though individuals can opt-out).

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Topics:  Labour markets Macroeconomic policy

Tags:  pensions, UK, Ageing population

Healthcare reform: Difficult but not impossible

Benedict Clements, David Coady, Sanjeev Gupta 24 June 2012

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With public debt ratios soaring to levels unprecedented since the Second World War, fiscal adjustments are already underway and more will need to be done in many advanced economies (Buti and Pench 2012, Cottarelli 2012). In these economies, for example, an adjustment of an astonishing eight percentage points of GDP will be required, on average, between 2011 and 2020, and then sustained for a decade beyond that, to bring debt ratios to 60% of GDP (IMF 2012).

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Topics:  Health economics

Tags:  Ageing population, Healthcare reform

Addressing the incompleteness of long-term care insurance

Joan Costa-i-Font 09 June 2012

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 With rapid population ageing, expenditure on long-term care – that is, care and assistance for old-age dependent elderly – has risen faster than health expenditure. Perhaps surprisingly, this increase is far more due to population ageing than to changes in people’s health (Colombo and Mercier 2012, Breyer et al. 2011).

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Topics:  Health economics

Tags:  insurance, Ageing population, long-term care

It's the family, stupid!

Edoardo Campanella 24 February 2012

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Deep economic crises encourage a radical rethinking of the socioeconomic model that generated them. The combination of shrinking economies, political stalemate, and growing social resentment is inducing people, especially the younger, to question a model of society that is prone to generate huge inequalities as well as great instability but is incapable of providing a long-term direction in difficult times. With general elections approaching in most European countries over the next 12 months, there are all the ingredients for populism to emerge.

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Topics:  Politics and economics Welfare state and social Europe

Tags:  family, Ageing population, youth unemployment

Future skill shortages in the US economy? Sorting out the evidence

David Neumark, Hans Johnson, Marisol Cuellar Mejia 14 August 2011

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Ageing workforces pose challenges to governments around the world. While fiscal issues surrounding pension and social security have been very much in the news, a less well-known issue concerns skills.

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Topics:  Labour markets

Tags:  US, Ageing population, Skill shortages

Demographic pressure versus labour market space: A global view

Marga Peeters, Loek Groot 02 August 2011

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Economists tend to study the problem of ageing in the developed countries in terms of rising old-age dependency ratios, which express the increasing higher number of pensioners for every working-age person. We can also apply the same reasoning to the young, where rising young-age dependency ratios in developing countries by definition implies more youngsters for every person of working age. But this is not the full story.

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Topics:  Labour markets

Tags:  Labour Markets, Poland, Greece, Ageing population, Turkey, Demographic changes

Does population ageing reduce productivity growth?

Dirk Niepelt, Martín Gonzalez-Eiras 24 June 2011

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The prospect of “greying” populations in many developed economies is raising concerns about the sustainability of economic growth. According to these concerns, rising old-age dependency ratios translate into growing tax burdens while generous pension and healthcare benefits crowd out public investment spending for infrastructure or education, with negative effects for capital accumulation and productivity growth.

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Topics:  Health economics Welfare state and social Europe

Tags:  demographics, Ageing population

Does ageing really affect health expenditures? If so, why?

Friedrich Breyer, Stefan Felder, Joan Costa-i-Font 14 May 2011

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The share of older people in the population is growing faster than that of any other age group, both as a result of longer lives and a lower birth rate. But the effect of population ageing on health and healthcare is far from straightforward. Figure 1 plots life expectancy against health expenditure for 30 OECD countries in 1970 and 2005. The positive correlation is evident, although it is less distinctive at high levels of healthcare expenditure.

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Topics:  Health economics

Tags:  healthcare, Ageing population

Age, wage, and productivity

Jan van Ours 05 March 2010

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Over the coming decades, European countries will experience a steep increase in the share of elderly people and a steep decline in the share of people of prime working-age. The number of workers retiring each year will increase and eventually exceed the number of new labour market entrants. The ratio of older inactive persons per worker could rise to almost one older inactive person for every worker by 2050 (OECD 2006).

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Topics:  Labour markets Productivity and Innovation

Tags:  productivity, Ageing population, European countries

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