[Title Page]
Copyright
Contents
[Abstract] 5
I. Introduction 6
II. Empirical Evidence 9
1. Identification of Monetary Policy Shock Series 9
2. Data and Methodology 11
3. Empirical Results 13
3.1. U.S. Monetary Policy Shocks and Consumption: Workers vs. Retirees 14
3.2. Source of the Heterogeneous Responses: Evidence from Four Countries 15
III. Description of Life-cycle Model 18
1. Life-cycle Structure and Households 18
2. Retirees 20
3. Workers 22
4. Aggregating Household Decisions 23
5. Firms 25
5.1. Final Goods Producers 25
5.2. Intermediate Goods Producers 26
5.3. Capital Producers 27
6. Fiscal and Monetary Policies 28
7. Equilibrium 29
IV. Model Analysis 30
1. Calibration 30
2. Effects of Monetary Policy on Consumptions of Workers and Retirees 32
3. Further Experiments 33
V. Conclusion 35
References 37
Appendix 39
Abstract in Korean 48
BOK 경제연구 발간목록 49
[Back Cover] 54