The generally assumed impact of a demographically-induced overall increase in savings is three-fold: -  Central banks will have to take into account the gradual decline in real interest rates (though its extent is hard to quantify).
-  The relative strength of the transmission channels is likely to shift: wealth effects are likely to become more important as the sensitivity of consumption and investment to asset prices is expected to increase. -  The pressure on central banks to keep inflation low and asset prices stable is expected to rise.