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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
      
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Inflation and demography through time, Journal of Economic Dynamics and Control July (2021). Juselius, Mikael; Takáts, Előd


Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
All authors as text Juselius, Mikael; Takáts, Előd 
Number of authors
Status Published
Year of publication 2021 
Date 30.04.2021 
Name of article Inflation and demography through time 
Name of journal Journal of Economic Dynamics and Control
Volume of issue 128 
Number of issue July 
Abstract Demography accounts for a large share of low frequency inflation variation in 22 countries from 1870 to 2016. The dependent population (young and old) is associated with higher, and the working age population with lower inflation. The relationship is robust across different sub-samples and specifications, including dynamic Phillips curve settings, suggesting that it is not spurious. The observed pattern is broadly consistent with delayed monetary policy responses to demography-induced changes in the natural interest rate.
Free text descriptor in Finnish inflaatio; väestö; ikääntyminen; rahapolitiikka; Phillipsin käyrä 
Free text descriptor in English Demography; Inflation; Phillips curve 
JEL-codes E31;E52; J11 
ISSN / e-ISSN 0165-1889 
auki Internet addresses
Additional information Available online 30 April 2021.
Notes BoF DP 8/2018 
Open Access Not known


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