We study the role of household saving behaviour, of individual motives for saving and that of perceived liquidity … constraints in 15 Euro Area countries. The empirical analysis is based on the Household Finance and Consumption Survey, a new … harmonized data set collecting detailed information on wealth holdings, consumption and income at the household level. Since the …

-adjusted income levels, various socioeconomic characteristics, housing traits, country-specific constant terms, and household …

intermediation turns an otherwise diversifiable source of idiosyncratic economic uncertainty, the ‘risk shock’, into a systemic force …

easing (QE). We study how lending responds to each shock using detailed bank, firm, and household data from Portugal, a …

, with a contractionary shock leading to a downward revision of expectations. Second, we show that firms’ response depends on … the size and the sign of the shock, with only large and contractionary shocks having a significant negative effect on … expectations. Third, we observe that the different components of central bank communication (i.e. the pure monetary policy shock …