Age Structure and the Impact of Monetary Policy?

• 成果类型: Article
• 署名作者: V. Leahy, John; Thapar, Aditi
• 署名单位: University of Michigan System; University of Michigan; National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20190337
• 发表日期: 2022
• 页码: 136-173
• 关键词: interest-rates; demographics; redistribution; Heterogeneity; transmission; consumption; surprises; channel; debt

摘要

We exploit cross-sectional variation in the response of US states to an identified monetary policy shock to study how the impact of mone-tary policy varies with the age structure of the population. We find that the economy's response is weaker the greater the share of population under 35 years of age and stronger the greater the share between 40 and 65. We find that all age groups become more responsive to mone-tary policy shocks when the proportion of the middle-aged increases. We provide evidence consistent with middle-aged entrepreneurs start-ing and expanding businesses in response to an expansionary mone-tary shock.