... dependency ratios that account for the labour force participation rates of three elder age cohorts. This approach captures the shifting dynamics of the workforce, particularly as more Japanese retirees have re-entered the labour market in recent years. By applying the quantile panel model ( Koenker, 2004...

.... Design/methodology/approach – The authors use regional panel data for Japan and the USA real estate prices and estimate the effects of demographic factors, such as dependency ratio, i.e. the ratio of population aged 65+ to population aged 20-64. For Japan, as no region-by-region quality-adjusted...