English, Article, Journal or magazine article edition: A Dynamic New Keynesian Life-Cycle Model: Societal Ageing, Demographics and Monetary Policy Ippei Fujiwara; Yuki Teranishi

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Bookmark: http://trove.nla.gov.au/version/35258
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A Dynamic New Keynesian Life-Cycle Model: Societal Ageing, Demographics and Monetary Policy
Author
  • Ippei Fujiwara
  • Yuki Teranishi
Physical Description
  • preprint
Notes
  • In this paper, we first construct a dynamic new Keynesian model that incorporates life-cycle behavior a la Gertler (1999), in order to study whether structural shocks to the economy have asymmetric effects on heterogeneous agents, namely workers and retirees. We also examine whether considerations of life-cycle and demographic structure alter the dynamic properties of the monetary business cycle model, specifically the degree of amplification in impulse responses. According to our simulation results, shocks indeed have asymmetric impacts on different households and the demographic structure does alter the size of responses against shocks by changing the degree of the trade-off between substitution and income effects.
  • Heterogenous Agents, Life-Cycle, New Keynesian Model
  • RePEc:ime:imedps:07-e-04
Language
  • English
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