The Aging of the Baby Boomers: Demographics and Propagation of Tax Shocks
研究了美国劳动力人口年龄结构变化如何影响失业率对边际税率冲击的反应，发现年轻人失业率反应是老年人的近两倍，婴儿潮老龄化显著削弱了减税对总体失业率的影响。
We study how the changing demographic composition of the US labor force has affected the response of the unemployment rate to marginal tax rate shocks. Using narratively identified tax changes as proxies for structural shocks, we establish that the responsiveness of the unemployment rates to tax changes varies significantly across age groups: the unemployment rate response of the young is nearly twice as large as that of the old. This heterogeneity is the channel through which shifts in the age composition of the labor force impact the response of the unemployment rate to tax cuts. We find that the aging of the baby boomers considerably reduces the effects of tax cuts on aggregate unemployment.