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Overlapping Generations

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Online First Review of Economic Studies Online 16 Sep 2026
Demographics, Wealth, and Global Imbalances in the Twenty-First Century

Adrien Auclert · Hannes Malmberg · Frédéric Martenet · Matthew Rognlie

A popular argument — the "asset market meltdown" of the 1990s, revived as the "great demographic reversal" — holds that once the old start running down their savings, aging will push interest rates …