Age Structure and the Impact of Monetary Policy
利用美国各州对货币政策冲击的不同反应，研究发现人口中35岁以下比例越高，经济对货币政策的反应越弱；而40至65岁比例越高，反应越强。中年企业家在扩张性货币政策下更倾向于创办和扩大企业。
We exploit cross-sectional variation in the response of US states to an identified monetary policy shock to study how the impact of monetary policy varies with the age structure of the population. We find that the economy’s response is weaker the greater the share of population under 35 years of age and stronger the greater the share between 40 and 65. We find that all age groups become more responsive to monetary policy shocks when the proportion of the middle-aged increases. We provide evidence consistent with middle-aged entrepreneurs starting and expanding businesses in response to an expansionary monetary shock.