bok statement, 2021-02-04
Using household-level data from the U.S., Italy, Japan and Korea, we first show that the consumption of retirees responds less sensitively to monetary policy shocks than that of workers, and that the different weight of interest income in the total income caused by the difference in financial asset holdings between these two groups is one of the main sources of this heterogeneity.
Sentiment: neutral
Topic: mp_economic_activity