ISBN:
9781513515540
Language:
English
Pages:
1 online resource (47 pages)
Parallel Title:
Erscheint auch als
DDC:
332.46
Keywords:
Monetary policy
;
Monetary policy
;
Electronic books
Abstract:
More Gray, More Volatile? Aging and (Optimal) Monetary Policy.
Abstract:
Cover -- Contents -- List of Tables -- List of Figures -- 1 Introduction: Motivation and Literature -- 2 The Model -- 2.1 Demographics -- 2.2 Households -- 2.2.1 Retired Households -- 2.2.2 Young Households -- 2.3 Firms -- 2.4 Fiscal Policy -- 2.5 Monetary Policy -- 2.6 Market Clearing Conditions -- 3 Parametrization -- 4 A Permanent Demographic Shift -- 5 Cyclical Behavior and Monetary Policy Transmission -- 5.1 Monetary Policy Shock -- 5.2 Government Expenditure Shock -- 5.3 Supply Shock -- 6 Welfare and Optimal Monetary Policy -- 6.1 The Model's State-Space Form -- 6.2 Welfare Loss Function and Monetary Policy Rules -- 6.3 Optimal Monetary Policy -- 7 Discussion and Conclusion -- Appendices -- List of Tables -- 1 Model parameters -- 2 Steady-state comparison: young and gray societies -- 3 Old-age dependency ratios and welfare levels with the three baseline monetary policy rules -- 4 Old-age dependency ratios and optimal reaction parameters in six monetary policy regimes -- 5 Volatility of inflation and old-dependency ratio -- A1 Optimal monetary policy with higher weight (1.0) on output gap -- A2 Optimal monetary policy with higher weight (0.5) on interest rate smoothing -- List of Figures -- 1 Transition from a young to an old society -- 2 Impulse responses of a monetary policy shock -- 3 Impulse responses of a government expenditure shock -- 4 Impulse responses of a supply shock -- 5 Core inflation and old-age dependency ratio -- A1 Welfare functions with the baseline monetary policy rules -- A2 Optimal reactions (1) -- A3 Optimal reactions (2).
Note:
Description based on publisher supplied metadata and other sources
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