Arbeitspapier
How does population aging affect the effectiveness of monetary and fiscal policies?
This paper studies how population aging affects macroeconomic performance and the effectiveness of macroeconomic policies. By using a new Keynesian dynamic stochastic general equilibrium model with heterogeneous households, we find that the effectiveness of monetary policy diminishes as population aging proceeds. We then examine how population aging modifies the fiscal policy effect by estimating fiscal multipliers in both aging and non-aging economies. We find that population aging weakens the effectiveness of fiscal stimulus. Our analyses suggest that neither monetary policy nor fiscal policy would be effective in aging economies, and structural reform measures would have a more important role.
- Sprache
-
Englisch
- Erschienen in
-
Series: ADBI Working Paper Series ; No. 1064
- Klassifikation
-
Wirtschaft
Monetary Policy
Fiscal Policy
Demographic Economics: General
- Thema
-
population aging
monetary policy
fiscal policy
DSGE
fiscal multipliers
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Yoshino, Naoyuki
Miyamoto, Hiroaki
- Ereignis
-
Veröffentlichung
- (wer)
-
Asian Development Bank Institute (ADBI)
- (wo)
-
Tokyo
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Yoshino, Naoyuki
- Miyamoto, Hiroaki
- Asian Development Bank Institute (ADBI)
Entstanden
- 2019
Ähnliche Objekte (12)
Decreased effectiveness of fiscal and monetary policies in Japan's aging society
Monetary and Fiscal Policies in the Euro Area
Fiscal and monetary policies in complex evolving economies
Optimal Economic Growth Using Fiscal and Monetary Policies
Monetary and fiscal policies in the Euro area
Fiscal and macroprudential policies in a monetary union
Monetary and fiscal policies in currency board systems and monetary unions
Monetary and fiscal policies in currency board systems and monetary unions
Monetary and fiscal policies in EMU: some relevant issues
Nominal Effects of Fiscal and Monetary Policies in Greece
Fiscal policies in a monetary union: the eurozone case
Towards a resilient eurozone : economic, monetary and fiscal policies
Decreased effectiveness of fiscal and monetary policies in Japan's aging society
Monetary and Fiscal Policies in the Euro Area
Fiscal and monetary policies in complex evolving economies
Optimal Economic Growth Using Fiscal and Monetary Policies
Monetary and fiscal policies in the Euro area
Fiscal and macroprudential policies in a monetary union
Monetary and fiscal policies in currency board systems and monetary unions
Monetary and fiscal policies in currency board systems and monetary unions
Monetary and fiscal policies in EMU: some relevant issues
Nominal Effects of Fiscal and Monetary Policies in Greece
Fiscal policies in a monetary union: the eurozone case
Towards a resilient eurozone : economic, monetary and fiscal policies
Decreased effectiveness of fiscal and monetary policies in Japan's aging society
Monetary and Fiscal Policies in the Euro Area
Fiscal and monetary policies in complex evolving economies
Optimal Economic Growth Using Fiscal and Monetary Policies
Monetary and fiscal policies in the Euro area
Fiscal and macroprudential policies in a monetary union
Monetary and fiscal policies in currency board systems and monetary unions
Monetary and fiscal policies in currency board systems and monetary unions
Monetary and fiscal policies in EMU: some relevant issues
Nominal Effects of Fiscal and Monetary Policies in Greece
Fiscal policies in a monetary union: the eurozone case