A dynamic new Keynesian life-cycle model: Societal aging, demographics, and monetary policy

研究成果: Article査読

11 被引用数 (Scopus)

抄録

In this paper, we first construct a dynamic new Keynesian model that incorporates life-cycle behavior a la Gertler [1999. Government debt and social security in a life-cycle economy. Carnegie-Rochester Conference Series on Public Policy 50, 61-110], in order to study whether structural shocks to the economy have asymmetric effects on heterogeneous agents, namely workers and retirees. We also examine whether considerations of life-cycle and demographic structure alter the dynamic properties of the monetary business cycle model, specifically the degree of amplification in impulse responses. According to our simulation results, shocks indeed have asymmetric impacts on different households and the demographic structure does alter the size of responses against shocks by changing the trade-off between substitution and income effects.

本文言語English
ページ(範囲)2398-2427
ページ数30
ジャーナルJournal of Economic Dynamics and Control
32
8
DOI
出版ステータスPublished - 2008 8
外部発表はい

ASJC Scopus subject areas

  • 経済学、計量経済学
  • 制御と最適化
  • 応用数学

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