Demographic Change, Relative Factor Prices, International Capital Flows, and Their Differential Effects on the Welfare of Generations

Alexander Ludwig, Dirk Kruger, Axel Boersch-Supan

NBER Retirement Research Center Paper No. NB 06-11
Issued in December 2006

---- Acknowledgements -----

We thank conference participants and researchers at several places for their helpful comments, in particular Martin Floden, Ayse Imrohoroglu, Jim Poterba and Sandra Svaljek. This research was supported by the U.S. Social Security Administration through grant #10-P-98363-1-03 to the National Bureau of Economic Research as part of the SSA Retirement Research Consortium and by the sponsors of MEA, the Land of Baden-W├╝rttemberg, the German Association of Insurers (GDV) and the German Science Foundation (DFG). The findings and conclusions expressed are solely those of the author(s) and do not represent the views of SSA, any agency of the Federal Government, the NBER, or any other sponsor. This paper was prepared for the 2006 NBER Conference on Social Security research from the Retirement Research Center in Woodstock, VT.

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