Differences in euro-area household finances and their relevance for monetary-policy transmission
Hintermaier, Thomas
Koeniger, Winfried

Data: 2018
Resum: This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a liquid financial asset and illiquid housing to match the large heterogeneity of households asset portfolios, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the heterogeneity in household finances implies that responses of consumption to changes in the real interest rate and in house prices differ substantially across the analyzed countries, and across age groups within these countries. The different consumption responses quantified in this paper point towards important heterogeneity in monetary-policy transmission within the euro area.
Resum: The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
Nota: Número d'acord de subvenció EC/H2020/649396
Drets: Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, la comunicació pública de l'obra i la creació d'obres derivades, fins i tot amb finalitats comercials, sempre i quan es reconegui l'autoria de l'obra original. Creative Commons
Llengua: Anglès.
Col·lecció: Barcelona Graduate School of Economics: ADEMU working paper series
Col·lecció: ADEMU Working Paper Series ; 119
Document: workingPaper
Matèria: European household portfolios ; Consumption ; Monetary policy transmission ; International comparative finance ; Housing

Adreça alternativa: https://hdl.handle.net/10230/35507


42 p, 598.0 KB

El registre apareix a les col·leccions:
Documents de recerca > Working papers

 Registre creat el 2018-10-23, darrera modificació el 2018-11-10



   Favorit i Compartir