Can aging be an opportunity for the French economy?

Summary Demographic aging in France is a major concern and is the subject of several studies from an economic point of view. Most studies highlight the negative effects of aging on the French economy, particularly on social welfare accounts and the labor market. Recently, a new literature on aging has emerged. This literature seeks to identify and show how aging can be an opportunity for the economy. This thesis is part of this literature. It seeks to answer the following question: Can aging be an opportunity for the French economy? To answer this question, the thesis explores the savings and consumption tracks, with an emphasis on the consumption part. The thesis is articulated in five chapters. Chapter 1 describes the causes of demographic aging in France and reviews studies on the effect of this phenomenon on the French economy. Chapter 2 analyzes the evolution of income, consumption and savings over the life cycle and across generations in order to understand the evolution of aggregate consumption and savings in an aging society and with generational turnover. These results also make it possible to compare the standard of living of different age groups and generations. Chapter 3 focuses on the evolution of the consumption structure according to age, generations and following a change in household income. Chapter 4 starts from the observation of the change in consumption structure over time, the difference in consumption structure between working-age households and senior citizens to estimate equivalence scales from 1979 to 2010, for senior citizens and working-age households. These scales make it possible to compare the standard of living of seniors and working-age households, taking into account economies of scale within the different households. Finally, Chapter 5 uses a general equilibrium model to quantify the effect of aging on the consumption, production and employment structure.