Does the Phillips Curve Lie Down as We Age?
利用微观数据发现老年人替代不同商品的意愿较低，将这一发现纳入价格调整模型后，表明人口年龄分布会影响菲利普斯曲线的斜率，进而影响货币政策的传导机制和有效性。
Abstract Using microlevel data, we present evidence that older individuals are less willing to substitute across varieties of goods. We estimate the elasticity of substitution for different age groups and find that the youngest cohort (aged 25–34) exhibits a higher elasticity of substitution compared to the oldest group (65+). We incorporate this empirical finding in a Rotemberg model of price adjustment and show that the age distribution affects the slope of the Phillips curve. This suggests the age distribution of a population could impact both the transmission mechanism and efficacy of monetary policy.