Marcin Bielecki, Michal Brzoza-Brzezina and Marcin Kolasa, (2019), “The impact of population ageing on monetary policy”, VoxEU, 5 March
Population ageing is likely to affect many areas of life, from pension system sustainability to housing markets. This column shows that monetary policy can be considered another victim. Low fertility rates and increasing life expectancy substantially lower the natural rate of interest. As a consequence, central banks are more likely to hit the lower bound constraint on the nominal interest rate and face long periods of low inflation, especially if they fail to account for the impact of demographic trends on the natural interest rate in real time.
- Marina Angelaki and Leandro Carrera, (2019), «Greece and Argentina show why pension reforms should not be used as a quick fix for a financial crisis», LSE EUROPP, 1 March
- Arna Olafsson, Michaela Pagel, (2018), «The retirement-consumption puzzle: New evidence from personal finances», VoxEU, 7 June