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Monetary Policy Over the Lifecycle

Author

Listed:
  • R. Anton Braun

    (GRIPS)

  • Daisuke Ikeda

    (Bank of Japan)

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. (Copyright: Elsevier)

Suggested Citation

  • R. Anton Braun & Daisuke Ikeda, 2025. "Monetary Policy Over the Lifecycle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 56, April.
    • Handle: RePEc:red:issued:23-172
    DOI: 10.1016/j.red.2025.101274
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