Cutler, Poterba, Sheiner and Summers (1990) estimated that a 0.15% yearly increase in the rate of growth of productivity is needed to avoid a decline in living standards in the United States as a result of increasing dependency ratios. 6  Bean (2004). 7  Brumberg and Modigliani (1954).
BIS Review 107/2007  3  young or retired, their savings typically follow a hump-shaped pattern, with a higher savings rate during their working life. For a given retirement age, population ageing increases the proportion of households with a relatively lower savings rate in the economy and therefore tends to reduce private savings.