105(5), pp. 54–59. 6  This point has been highlighted by Fed economists such as D. Reifschneider, W. Wascher, and D. Wilcox (2015), “Aggregate Supply in the United States: Recent Developments and Implications for the Conduct of Monetary Policy,” IMF Economic Review, Vol. 63, pp. 71–109.
BIS central bankers’ speeches  3  generations, and since younger generations tend to borrow more heavily than older generations, a drop in their share results in a decline in the natural rate of interest through a decline in loan demand.