shocks. Consistent with the empirical evidence, the simulation results of the model show that the consumption of retirees is …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 …

We analyze the consumption and wealth inequality in an OLG model with mandatory pension systems. Our framework features … in TFP growth. We show four main results. First, increasing longevity translates to substantial increases in aggregate … consumption inequality and wealth inequality. Second, a pension system reform from a defined benefit to a defined contribution …

We analyze the consumption and wealth inequality in an OLG model with mandatory pension systems. Our framework features … in TFP growth. We show four main results. First, increasing longevity translates to substantial increases in aggregate … consumption inequality and wealth inequality. Second, a pension system reform from a defined benefit to a defined contribution …

This paper studies the effects of demographic structure on the cyclical volatility of aggregate consumption. We first … document that young households have more volatile consumption expenditures in business cycles than prime-aged ones. Then, we … identify large effects of demographic composition on cyclical volatility of consumption using variations of population age …

This paper focuses on an empirical analysis of the dependency between age structure and aggregate consumption and the … composition of aggregate savings. In a long-run consumption function of life cycle type, different demographic variables have a … simulation experiment. Finally, the model is used to ascertain the effect on the recent Swedish tax reform on savings …