NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

On the Consequences of Demographic Change for Rates of Returns to Capital, and the Distribution of Wealth and Welfare

Dirk Krueger, Alexander Ludwig

NBER Working Paper No. 12453
Issued in August 2006

---- Acknowledgements -----

We thank participants of seminars at the LSE, Ente Einaudi, Koc, MEA, the 2005 Cleveland

FED International Macroeconomics conference, the 2006 Carnegie Rochester conference,

the 2006 SED Meetings and the 12th Dubrovnik Economic Conference for many useful comments.

We are especially indebted to our discussant Ayse Imrohoroglu for many helpful suggestions

and comments. The authors can be reached at dirk.krueger@wiwi.uni-frankfurt.de

and alexander.ludwig@mea.uni-mannheim.de. This paper was prepared for the Spring 2006

Carnegie-Rochester Conference on Public Policy.

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