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Demographics and Monetary Policy Shocks
Journal of Money, Credit and Banking ( IF 1.963 ) Pub Date : 2021-05-28 , DOI: 10.1111/jmcb.12825
KIMBERLY A. BERG , CHADWICK C. CURTIS , STEVEN LUGAUER , NELSON C. MARK

We show that consumption expenditures for older households are more responsive to monetary policy shocks than for young- or middle-aged households. A one-standard-deviation expansionary monetary policy shock induces a statistically significant and quantitatively large (1.7%) increase in aggregate consumption for old households over the ensuing 3 years. The responses for young- and middle-aged households are smaller and not statistically significant. We also present evidence, suggesting that life-cycle wealth effects play a role in driving the responses. We then build the wealth mechanism into a partial equilibrium life-cycle model, which can qualitatively match the empirical patterns.

中文翻译:

人口统计和货币政策冲击

我们表明,与年轻或中年家庭相比,老年家庭的消费支出对货币政策冲击的反应更灵敏。在随后的 3 年中,一个标准差的扩张性货币政策冲击会导致老年家庭的总消费在统计上显着增加(1.7%)。青年和中年家庭的反应较小且无统计学意义。我们还提供了证据,表明生命周期财富效应在推动响应中发挥作用。然后我们将财富机制构建成一个局部均衡的生命周期模型,它可以定性地匹配经验模式。
更新日期:2021-05-28
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