摘要
Abstract
According to life-circle theory, young workers purchase asset to prepare for their retirement while the old sell asset for consumption. The overlapping transaction would impact asset price through demographic structure, which is proved by the cases of USA and Japan. This paper interprets the mechanism of interaction between demographic structure and asset price, and then builds up a price-adjustment model in the OLG framework. Through simulation calculation, it is found that on the condition of no significant technology innovation from 2013 the real asset price of China would go into the degeneration phase. The paper suggests that the birth control policy should be canceled and the technology innovation is encouraged to create technology bonus to compensate demographic bonus, and annuity payment of pension.关键词
人口结构/资产价格/资产供需结构Key words
demographic structure/asset price/asset supply-demand structure分类
管理科学
