Demographic Obstacles to European Growth

We thank audience and seminar participants at the 2018 GRIPS-U of Tokyo Workshop, the 2018 Midwest Macro Meeting, Trinity College Dublin, U.C. Irvine, the Oslo Macro Group, the 2019 SED Meeting, and the 2019 ITAM-PIER Conference on Macroeconomics. We also thank Juan Carlos Cordoba and Barbara Wolfe for comments. This paper has previously been presented with the title “The Growth-Cost of Demographic Change in Europe”. Use was made of computational facilities purchased with funds from the National Science Foundation (CNS-1725797) and administered by the Center for Scientific Computing (CSC). The CSC is supported by the California NanoSystems Institute and the Materials Research Science and Engineering Center (MRSEC; NSF DMR 1720256) at UC Santa Barbara. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.