We develop and study a neoclassical growth model with a realistic demographic structure. Our model complements recent developments in the overlapping generations (OLG) literature by highlighting thenatural link that exists between different classes of macrodynamic models. Within the model we show that there exists an overlooked equilibrium in which demographic factors play a minor role. Innumerical simulations we show that the economic impact of a change in the population growth rate differs dramatically depending on whether the change was induced by a change in the birth rate, themortality rate or a combination of the two. Finally, we show that the demographic transition experienced by the US over the last half century cannot explain the substantial aggregate economicchanges that have occurred during this period.

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