Departmental Bulletin Paper 高齢化の自然利子率および金融政策への影響 : ニューケインジアン理論に基づいて
The Effect of Aging Population on the Natural Rate of Interest and Monetary Policy : Based on the Framework of the New Keynesian Model

井田, 大輔

This paper reviews the impact of aging population on the natural rate ofinterest and monetary policy from the new Keynesian model (NKM)perspective. The standard NKM has been used in recent analysis ofmonetary policy. However, it limits the effect of heterogeneous agents onthe private sector. Therefore, how aging population changes the effect ofmonetary policy on the real economy cannot be examined. This surveyfocuses on the NKM augmented with the role of heterogeneous agentsand shows that economic shocks have asymmetric impacts on differenthouseholds and that a change in the demographic structure significantlyaffects the dynamics of the natural rate of interest.

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