Living in a Ghost Town: The Geography of Depopulation and Aging -- by Elisa Giannone, Yuhei Miyauchi, Nuno Paixao, Xinle Pang, Yuta Suzuki

We thank Jingting Fan, David Nagy, and Takaaki Takahashi for excellent discussions, as well as seminar and conference participants at the AEA Annual Meeting in San Francisco, AMES, the Federal Reserve Bank of Atlanta, the Bank of Canada, the Barcelona Summer Forum, Boston University, CEMFI, Chung-Ang University, Columbia University, CREI, CURE, HKUST, ICCDS, the Kyoto Summer Workshop on Applied Economics, the Local and International SPACE Workshops, the NBER Japan Meeting, the University of Rochester, the Rotman School of Management at the University of Toronto, SED Barcelona, Shandong University, the Trasalpine Workshop, the University of Bayreuth, the University of Hong Kong, the University of Wurzburg, and the World Bank for their thoughtful comments. We also thank Yilun Li for outstanding research assistance. Elisa Giannone acknowledges financial support from the Spanish Agencia Estatal de Investigacion (AEI), through the Severo Ochoa Programme for Centres of Excellence in R&D (Barcelona School of Economics CEX2024-001476-S). She also acknowledges support through the Ramon y Cajal programme (RYC2024-049489-I) and the I+D project PID2024-157284NA-I00. Yuta Suzuki acknowledges financial support from the National Natural Science Foundation of China [grant number W2533189]. The views expressed in this paper are those of the authors and do not reflect those of the Bank of Canada. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.