Review of Economic Dynamics · 2025 · R. Anton Braun、Daisuke Ikeda
中文摘要
我们提出一个具有内生资产组合选择的生命周期货币政策量化模型。该模型再现了资产组合的平均年龄分布、总量变量对货币政策紧缩的实证反应,以及不同年龄组的微观经济反应。家庭对更紧的货币政策带来的收益看法不一。较年长年龄组的消费和福利上升,而较年轻家庭的消费和福利下降。
Abstract
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.