Bullard, James; Garriga, Carlos; Waller, Christopher J. - Institute for Monetary and Economic Studies, Bank of Japan - 2012
more control of policy. These results suggest that aging population structures like those in Japan may contribute to … equilibrium life-cycle models we use. Young cohorts do not initially have any assets and wages are the main source of income; they … prefer relatively low real interest rates, relatively high wages, and relatively high rates of inflation. Older generations …