How the baby boomers' retirement wave distorts model‐based output gap estimates
指出标准新凯恩斯模型未考虑人口趋势，导致婴儿潮退休降低人均工时后，产出缺口被错误估计为持续为负；调整工时数据后，产出缺口在金融危机后逐步闭合。
Summary This paper illustrates, based on an example, the importance of consistency between empirical measurement and the concept of variables in estimated macroeconomic models. Since standard New Keynesian models do not account for demographic trends and sectoral shifts, I propose adjusting hours worked per capita used to estimate such models accordingly to enhance the consistency between the data and the model. Without this adjustment, low‐frequency shifts in hours lead to unreasonable trends in the output gap, caused by the close link between hours and the output gap in such models. The retirement wave of baby boomers, for example, lowers US aggregate hours per capita, which leads to erroneous permanently negative output gap estimates following the Great Recession. After correcting hours for changes in the age composition, the estimated output gap closes gradually instead following the years after the Great Recession.