search query: @author Malmberg, B. / total: 1
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| Author: | Lindh, T. Malmberg, B. |
| Title: | Age structure and inflation - a Wicksellian interpretation of the OECD data |
| Journal: | Journal of Economic Behavior and Organization
1998 : JUL, VOL. 36:1, p. 19-37 |
| Index terms: | INFLATION SAVINGS INVESTMENTS OECD |
| Freeterms: | AGE EFFECTS CUMULATIVE PROCESS |
| Language: | eng |
| Abstract: | This paper studies annual OECD data 1960-1994 using age variables to explain inflation. Panel estimations of a reduced form inflation-stage model show a robust correlation consistent with the hypothesis that increases in the population of net savers dampen inflation while especially the younger retirees fan inflation as they start consuming out of accumulated pension claims. This pattern is expected from life-cycle saving but could also due to age effects on budget deficits or on money demand. The results are potentially important for monetary policy and inflation forecasts. |
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