Lecture 13 - Demography and Asset Pricing: Will the Stock Market Decline when the Baby Boomers Retire?

author: John Geanakoplos, Yale University
recorded by: Yale University
published: March 17, 2012,   recorded: November 2009,   views: 2465
released under terms of: Creative Commons Attribution No Derivatives (CC-BY-ND)
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Description

In this lecture, we use the overlapping generations model from the previous class to see, mathematically, how demographic changes can influence interest rates and asset prices. We evaluate Tobin's statement that a perpetually growing population could solve the Social Security problem, and resolve, in a surprising way, a classical argument about the link between birth rates and the level of the stock market. Lastly, we finish by laying some of the philosophical and statistical groundwork for dealing with uncertainty.

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