Age Structure and the Impact of Monetary Policy

IF 6.3 1区经济学 Q1 ECONOMICS

American Economic Journal-Macroeconomics Pub Date : 2022-10-01 DOI:10.1257/mac.20190337

John Leahy, Aditi Thapar

引用次数: 3

Abstract

We exploit cross-sectional variation in the response of US states to an identified monetary policy shock to study how the impact of monetary 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 monetary policy shocks when the proportion of the middle-aged increases. We provide evidence consistent with middle-aged entrepreneurs starting and expanding businesses in response to an expansionary monetary shock. (JEL E23, E24, E32, E43, E52, J11, R23)

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年龄结构与货币政策的影响

我们利用美国各州对确定的货币政策冲击的反应的横截面变化来研究货币政策的影响如何随人口年龄结构而变化。我们发现，35岁以下的人口比例越大，经济的反应就越弱，而40至65岁的人口比例越大，经济的反应就越强。我们发现，当中年人的比例增加时，所有年龄组对货币政策冲击的反应都变得更加灵敏。我们提供的证据与中年企业家开始和扩大业务以应对扩张性货币冲击一致。(jel e23, e24, e32, e43, e52, j11, r23)

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

American Economic Journal-Macroeconomics ECONOMICS-

CiteScore

8.20

自引率

1.70%

发文量

期刊介绍： American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.