We assess the effects of the population age structure and the population
dynamics on economic growth. Following recent research, we focus on the generational
turnover effect to characterize the influence of birth and death rates, depending
on the age profile of individual consumption, the extent of annuity market imperfections,
and the willingness of households to shift consumption over time. Using data
from the National Transfer Accounts on age profiles of consumption for a number of
different countries, we assess—in a comparative way—the sign and the magnitude
of the generational turnover effect and its impact on economic growth. We find considerable
cross-country differences and trace them back to the underlying variation
in demography and in the age structure of consumption.

• Population age structure and consumption growth: evidence from National Transfer Accounts