Monetary policy over the lifecycle
构建了一个包含内生投资组合选择的生命周期定量模型，再现了不同年龄组对紧缩货币政策的微观反应，发现老年人消费和福利上升，而年轻人下降。
We propose a quantitative model of monetary policy over the lifecycle with endogenous portfolio choices. Our model reproduces the average age profiles of asset portfolios, the empirical responses of aggregate variables, and the microeconomic responses of different age groups to a tightening in monetary policy. Households disagree about the benefits of a tighter monetary policy. Consumption and welfare of older age groups increase, but consumption and welfare of younger households fall.