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2019 | 384 | 7-22

Article title

Monetary policy and its transmission channels in an aging population. A literature review


Title variants

Polityka pieniężna i kanały transmisji wobec starzenia się ludności. Przegląd literatury

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In recent years, an interest in the macroeconomic effects of the demographic change has been rising in many countries. We claim that changes in the age structure of populations lead – in a more or less direct way – to changes in the effectiveness of the monetary policy transmission mechanism. As the hitherto literature on this issue is not very conclusive, we aim to gather the findings from different studies and build a theoretical framework for future empirical analyses.
W ostatnich latach w wielu rozwiniętych krajach rośnie zainteresowanie makroekonomicznymi konsekwencjami zachodzących zmian demograficznych. Zmiany w strukturze wiekowej ludności prowadzą – w mniej lub bardziej bezpośredni sposób – do zmian w mechanizmie transmisji polityki pieniężnej oraz w jej efektywności. W dotychczasowej literaturze tematu ścierają się różne poglądy. Ten artykuł ma na celu zebranie wniosków z wielu badań i zbudowanie ram teoretycznych dla przyszłych analiz empirycznych.






Physical description


  • Warsaw School of Economics. Collegium of Economic Analysis. Department of Economy I


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