Population age structure and consumption expenditure composition: Evidence from European countries

This paper aims at evaluating the effect of population age structure on households' aggregate preferences and, through this channel, on the sectoral composition of the final consumption expenditure. The analysis of European COICOP 2-digit data shows that the contribution of demographic dynamics to model fit is highly relevant, only slightly lower than the contribution of the income effect. (C) 2018 Elsevier B.V. All rights reserved