| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25082 |
| 来源ID | Working Paper 25082 |
| MPC Heterogeneity in Europe: Sources and Policy Implications | |
| Miguel Ampudia; Russell Cooper; Julia Le Blanc; Guozhong Zhu | |
| 发表日期 | 2018-09-24 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper studies the implications of household financial choices for the effects of monetary policy on consumption. Based on data from four major euro area countries, the paper estimates the key structural parameters using a simulated method of moments approach to match moments related to asset market participation rates, portfolio shares and wealth to income ratios by education and country. The policy functions based upon the estimation are used to characterize the distributions of the marginal propensity to consume across heterogenous households for each of the four countries. Due to this heterogeneity in consumption responses, monetary policy, operating through its effects on household income and asset market returns, has a differential impact on individuals within and across countries. Generally, poor households respond more to the income variations produced by monetary policy innovations while rich households respond more to policy-induced variations in stock returns. Monetary policy has a larger impact on consumption in Italy and Spain compared to France and Germany. |
| 主题 | Macroeconomics ; Consumption and Investment ; Monetary Policy |
| URL | https://www.nber.org/papers/w25082 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582755 |
| 推荐引用方式 GB/T 7714 | Miguel Ampudia,Russell Cooper,Julia Le Blanc,et al. MPC Heterogeneity in Europe: Sources and Policy Implications. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25082.pdf（754KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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