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This paper studies the impact of demographic trends on the effectiveness of monetary policy. I propose and quantify a novel channel to explain how population aging might affect the transmission of monetary policy and the flattening of the Phillips curve: older individuals devote a larger share...
Persistent link: https://www.econbiz.de/10014081508
The demographic transition can affect the equilibrium real interest rate through three channels. An increase in longevity - or expectations thereof - puts downward pressure on the real interest rate, as agents build up their savings in anticipation of a longer retirement period. A reduction in...
Persistent link: https://www.econbiz.de/10011439850
Population growth rates have fallen considerably in most developed countries. An important question for monetary policy is whether this has led to a fall in the natural rate of interest. In representative agent models, the response of the natural rate to a fertility shock crucially depends on...
Persistent link: https://www.econbiz.de/10011980508
Our paper addresses the heterogeneous effects of monetary policy on households of different races. The cyclical volatility of real income differs significantly for households of different races and income levels, reflecting differential exposure to fluctuations in employment and consumer prices....
Persistent link: https://www.econbiz.de/10015143903
Economic history can offer an independent contribution to the analysis of the conditions of success and the mode of action of different types of monetary integration. Up to now, the debate about the functional mechanisms of monetary unions in the real world has ignored the Habsburg Monarchy. The...
Persistent link: https://www.econbiz.de/10014136138
Ongoing demographic changes have brought about a substantial shift in the size and age composition of the population, which are having a significant impact on the global economy. Despite potentially grave consequences, demographic changes usually do not take center stage in many macroeconomic...
Persistent link: https://www.econbiz.de/10012920786
Nominal and real interest rates in advanced economies have been decreasing since the mid-1980s and reached historical low levels in the aftermath of the global financial crisis. Understanding why interest rates have fallen is essential for both monetary policy and financial stability. This paper...
Persistent link: https://www.econbiz.de/10011697366
The ongoing demographic changes will bring about a substantial shift in the size and theage composition of the population, which will have significant impact on the global economy. Despite potentially grave consequences, demographic changes usually do not take center stage in many macroeconomic...
Persistent link: https://www.econbiz.de/10013031167
Persistent link: https://www.econbiz.de/10003971805