Econ Papers Daily / 期刊论文
年轻家庭的通胀对货币政策更敏感
Younger households’ inflation is more responsive to monetary policy
摘要
When the Federal Reserve raises interest rates, prices faced by younger households fall more than prices faced by older households. Using age-specific distributional consumer price indices together with high-frequency monetary policy shocks, we document a monotone age gradient in inflation responses, from households under 25 through households 75 and older. A simple decomposition combining BLS major-group CPI responses with age-specific CEX expenditure shares accounts for most of the gap between the youngest and oldest households. Transportation and medical care drive the result: younger households spend disproportionately on transportation (including motor fuel, vehicles, and auto insurance), whose prices respond strongly to monetary policy, while older households spend disproportionately on medical care, whose prices respond less.
中文摘要
当美联储加息时，年轻家庭面临的价格下降幅度大于老年家庭。利用按年龄划分的分布性消费者价格指数以及高频货币政策冲击，我们记录了从25岁以下家庭到75岁及以上家庭在通胀响应上的单调年龄梯度。将BLS主要类别CPI响应与按年龄划分的CEX支出份额相结合的一个简单分解，解释了最年轻与最年老家庭之间的大部分差距。交通运输和医疗保健驱动了这一结果：年轻家庭在交通运输（包括汽车燃料、车辆和汽车保险）上的支出比例过高，其价格对货币政策反应强烈，而老年家庭在医疗保健上的支出比例过高，其价格反应较弱。