人口统计和货币政策冲击

DEMOGRAPHICS AND MONETARY POLICY SHOCKS

作者：

金伯利·A·伯格（Kimberly A. Berg）

查德威克·柯蒂斯（Chadwick C. Curtis）

史蒂文·卢高尔（Steven Lugauer）

纳尔逊·马克（Nelson C. Mark）

We decompose the response of aggregate consumption to monetary policy shocks intocontributions by households at different stages of the life cycle. This decomposition finds thatolder households have a higher consumption response than younger households. Amongst olderhouseholds, the consumption response is also increasing in income. This, along with data on agerelated net wealth, presents evidence for a wealth effect playing a role in driving the responsepatterns. This mechanism is studied further in a partial-equilibrium life-cycle model ofconsumption, saving, and labor-supply decisions. The model qualitatively explains the empiricalpatterns. Understanding the heterogeneity in consumption responses across age groups isimportant for understanding the transmission of monetary policy, especially as the U.S.population grows older.
我们将总消费对货币政策冲击的反应分解为生命周期不同阶段的家庭贡献。分解发现，老年家庭比年轻家庭有更高的消费反应。在老年家庭中，消费反应的收入也在增加。这以及与年龄有关的净财富的数据，提供了财富效应在驱动响应模式中起作用的证据。在消费，储蓄和劳动力供应决策的部分均衡生命周期模型中进一步研究了这种机制。该模型定性地解释了经验模式。理解各个年龄段的消费反应的异质性对于理解货币政策的传导非常重要，尤其是随着美国人口的年龄增长。