全球智库信息集成服务系统(G2TT): Demographic Effects on the Impact of Monetary Policy

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26324
来源ID	Working Paper 26324
	Demographic Effects on the Impact of Monetary Policy
	John V. Leahy; Aditi Thapar
发表日期	2019-09-30
出版年	2019
语种	英语
摘要	We study whether the effects of monetary policy are dependent on the demographic structure of the population. We exploit cross-sectional variation in the response of US states to an identified monetary policy shock. We find that there are three distinct age groups. In response to an increase in interest rates, the responses of private employment and personal income are weaker the greater the share of population under 35 years of age, are stronger the greater the share between 40 and 65 years of age, and are relatively unaffected by the share older than 65 years. We find that all age groups become more responsive to monetary policy shocks when the proportion of middle aged increases. We provide evidence consistent with middle aged entrepreneurs starting and expanding businesses in response to an expansionary monetary shock.
主题	Macroeconomics ; Business Cycles ; Monetary Policy ; Labor Economics ; Demography and Aging
URL	https://www.nber.org/papers/w26324
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/583996
推荐引用方式 GB/T 7714	John V. Leahy,Aditi Thapar. Demographic Effects on the Impact of Monetary Policy. 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
w26324.pdf（2049KB）	智库出版物		限制开放	CC BY-NC-SA	浏览