Inflation and demography through time

Mikael Juselius*, Előd Takáts

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

9 Citations (Scopus)


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.

Original languageEnglish
Article number104136
Peer-reviewed scientific journalJournal of Economic Dynamics and Control
Publication statusPublished - 07.2021
MoE publication typeA1 Journal article - refereed


  • 511 Economics
  • Demography
  • Inflation
  • Phillips curve


Dive into the research topics of 'Inflation and demography through time'. Together they form a unique fingerprint.

Cite this