Demographic transitions and the relative price of investment goods: Evidence from saving-investment channels

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      <subfield code="a">Demographic transitions and the relative price of investment goods: Evidence from saving-investment channels</subfield>
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      <subfield code="a">The study investigates how demographic transitions characterized by population ageing and low fertility affect the relative price of investment goods (RPIG). Using a three-period Overlapping Generations model and a two-sector production framework, it identifies saving and investment as key transmission channels. Empirical analysis based on panel data from 155 countries (19702024) confirms that ageing and declining fertility exert downward pressure on RPIG by increasing household savings and reducing corporate investment. Robustness checks and mediation tests validate these mechanisms, while heterogeneity analysis reveals stronger effects in developing and high-TFP economies. The findings provide theoretical and empirical evidence for understanding long-term asset pricing and inform policy strategies to stabilize investment goods prices during demographic shifts.</subfield>
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      <subfield code="g">03/07/2026 Volumen 35 - 2026 </subfield>
      <subfield code="t">The Journal of the economics of ageing </subfield>
      <subfield code="d">Oxford : Elsevier ScienceDirect, 2021-</subfield>
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      <subfield code="u">https://doi.org/10.1016/j.jeoa.2026.100658</subfield>
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