| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25970 |
| 来源ID | Working Paper 25970 |
| Demographics and Monetary Policy Shocks | |
| Kimberly A. Berg; Chadwick C. Curtis; Steven Lugauer; Nelson C. Mark | |
| 发表日期 | 2019-06-24 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We decompose the response of aggregate consumption to monetary policy shocks into contributions by households at different stages of the life cycle. This decomposition finds that older households have a higher consumption response than younger households. Amongst older households, the consumption response is also increasing in income. This, along with data on age-related net wealth, presents evidence for a wealth effect playing a role in driving the response patterns. This mechanism is studied further in a partial-equilibrium life-cycle model of consumption, saving, and labor-supply decisions. The model qualitatively explains the empirical patterns. Understanding the heterogeneity in consumption responses across age groups is important for understanding the transmission of monetary policy, especially as the U.S. population grows older. |
| 主题 | Macroeconomics ; Consumption and Investment ; Monetary Policy ; Labor Economics ; Demography and Aging |
| URL | https://www.nber.org/papers/w25970 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583644 |
| 推荐引用方式 GB/T 7714 | Kimberly A. Berg,Chadwick C. Curtis,Steven Lugauer,et al. Demographics and Monetary Policy Shocks. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25970.pdf（15160KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
