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Shock from Graying High quality books

Shock from Graying
By:Patrick A. Imam
Published on 2013-09-06 by International Monetary Fund

Abstract Empirical evidence is mounting that, in advanced economies, changes in monetary policy have a more benign impact on the economy—given better anchored inflation expectations and inflation being less responsive to variation in unemployment—compared to the past. We examine another aspect that could explain this empirical finding, namely the demographic shift to an older society. The paper first clarifies potential transmission channels that could explain why monetary policy effectiveness may moderate in graying societies. It then uses Bayesian estimation techniques for the U.S., Canada, Japan, U.K., and Germany to confirm a weakening of monetary policy effectiveness over time with regards to unemployment and inflation. After proving the existence of a panel co-integration relationship between ageing and a weakening of monetary policy, the study uses dynamic panel OLS techniques to attribute this weakening of monetary policy effectiveness to demographic changes. The paper concludes with policy implications.

This Book was ranked at 11 by Google Books for keyword Credit channel.

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Book which was published by International Monetary Fund since 2013-09-06 have ISBNs, ISBN 13 Code is 9781484373958 and ISBN 10 Code is 1484373952

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