| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14245 |
| DP14245 Household Balance Sheet Channels of Monetary Policy: A Back of the Envelope Calculation for the Euro Area | |
| Oreste Tristani; Giovanni L. Violante | |
| 发表日期 | 2019-12-24 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper formulates a back of the envelope approach to study the effects of monetary policy on household consumption expenditures. We analyze several transmission mechanisms operating through direct, partial equilibrium channels—intertemporal substitution and net interest rate exposure—and indirect, general equilibrium channels—net nominal exposure, as well as wealth, collateral and labor income channels. The strength of these forces varies across households depending on their marginal propensities to consume, their balance sheet composition, the sensitivity of their own earnings to fluctuations in aggregate labor income, and the responsiveness of aggregate earnings, asset prices and inflation to monetary policy shocks. We quantify all these channels in the euro area by combining micro data from the HFCS and the EU-LFS with structural VARs estimated on aggregate time series. We find that the indirect labor income channel and the housing wealth effect are strong drivers of the aggregate consumption response to monetary policy and explain the cross-country heterogeneity in these responses. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Consumption Euro area Household balance sheets Marginal propensity to consume monetary policy Wealth distribution |
| URL | https://cepr.org/publications/dp14245 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543131 |
| 推荐引用方式 GB/T 7714 | Oreste Tristani,Giovanni L. Violante. DP14245 Household Balance Sheet Channels of Monetary Policy: A Back of the Envelope Calculation for the Euro Area. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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