English Abstract: This paper explores the heterogeneous effects of monetary policy on consumption between workers and retirees. Using household-level data from the U.S., Italy, Japan and Korea, we first show that the consumption of retirees responds less sensitively to monetary policy shocks...

Korean Abstract: 본 논문에서는 노동자 특성, 기업(또는 사업체)내 노동자 구성, 원·하청기 업 여부, 성과급 지급 및 성과공유 여부가 기업(또는 사업체) 규모간 임금 격차에 미친 영향을 분석하였다. 주요 결과는 다음과 같다....

This paper investigates the relationships between consumption and mortgage interest reduction caused by an expansionary monetary policy, using comprehensive borrower-level information on mortgages and credit card purchases from a credit bureau company in South Korea. The main findings are as...