[12] In terms of magnitude, a wide range of estimates suggest that the downward impact on equilibrium real rates from slowing population growth and rising life expectancy over the period from 1980 to 2050 amounts to about 1 to 2 percentage points in both the United States and the euro area.
[13] While demographics constitute a powerful inter-generational influence on aggregate savings, the intragenerational distribution of income also matters. Chart 13 shows that the share of national income earned by households in the top 1 percent income bracket has increased considerably since the 1980s, both in the euro area and, even more strongly, in the United States.