Demographics and Monetary Policy Shocks
研究发现老年家庭消费对货币政策冲击的反应比年轻和中年家庭更敏感，扩张性政策使老年家庭消费三年内增长1.7%，并构建生命周期模型解释这一现象。
Abstract We show that consumption expenditures for older households are more responsive to monetary policy shocks than for young‐ or middle‐aged households. A one‐standard‐deviation expansionary monetary policy shock induces a statistically significant and quantitatively large (1.7%) increase in aggregate consumption for old households over the ensuing 3 years. The responses for young‐ and middle‐aged households are smaller and not statistically significant. We also present evidence, suggesting that life‐cycle wealth effects play a role in driving the responses. We then build the wealth mechanism into a partial equilibrium life‐cycle model, which can qualitatively match the empirical patterns.