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How does monetary policy affect income and wealth inequality? : evidence from quantitative easing in the euro area

Lenza, Michele; Slacalek, Jirka - 2018

This paper studies the effects of quantitative easing on income and wealth of individual euro area households. The … which key variables affecting household income and wealth are included, such as the unemployment rate, wages, interest rates …-form simulation on micro data from the Household Finance and Consumption Survey, capturing the income composition, the portfolio …

Persistent link: https://www.econbiz.de/10011921470

Does the euro make a difference? : spatio-temporal transmission of global shocks to real effective exchange rates in an infinite VAR

Bussière, Matthieu; Chudik, Alexander; Mehl, Arnaud - 2011

This paper provides evidence on whether the creation of the euro has changed the way global turbulences affect euro area and other economies. Specifically, it considers the impact of global shocks on the competitiveness of individual euro area countries and assesses whether their responses to...

Persistent link: https://www.econbiz.de/10008901483

Networking the yield curve : implications for monetary policy

Dalhaus, Tatjana; Schaumburg, Julia; Sekhposyan, Tatevik - 2021

We introduce a flexible, time-varying network model to trace the propagation of interest rate surprises across different maturities. First, we develop a novel econometric framework that allows for unknown, potentially asymmetric contemporaneous spillovers across panel units, and establish the...

Persistent link: https://www.econbiz.de/10012488662

Financial frictions : micro vs macro volatility

Lee, Seungcheol; Luetticke, Ralph; Ravn, Morten O. - 2021

We introduce frictional ﬁnancial intermediation into a HANK model. Households are subject to idiosyncratic and aggregate risk and smooth consumption through savings and consumer loans intermediated by banks. The banking friction introduces an endogenous countercyclical spread between the...

Persistent link: https://www.econbiz.de/10012705511

Monetary policy, agent heterogeneity and inequality : insights from a three-agent New Keynesian model

Eskelinen, Maria - 2021

In this paper I develop a New Keynesian dynamic stochastic general equilibrium model which features three different types of representative agents (THRANK): the poor hand-to- mouth, the wealthy hand-to-mouth and the non-hand-to mouth households. Compared to a full-scale HANK model, this model is...

Persistent link: https://www.econbiz.de/10012622812

Monetary policy and household inequality

Ampudia, Miguel; Georgarakos, Dimitris; Slacalek, Jirka; … - 2018

composition of their income and on the components of their wealth. We first review the existing evidence on how monetary policy … affects income and wealth inequality. We then illustrate quantitatively how various channels of transmission - net interest … rate exposure, intertemporal substitution and indirect income channels - affect individual euro area households. We find …

Persistent link: https://www.econbiz.de/10011877402

Navigating the housing channel of monetary policy across euro area regions

Battistini, Niccolò; Falagiarda, Matteo; Hackmann, Angelina - 2022

lower labour income and more widespread homeownership. An expansionary monetary policy can thus be effective in mitigating …

Persistent link: https://www.econbiz.de/10013448726

Immigrants and the distribution of income and wealth in the euro area : first facts and implications for monetary policy

Dossche, Maarten; Kolndrekaj, Aleksandra; Propst, Maximilian - 2022

We use household surveys to describe differences in wages, income, wealth and liquid assets of households born in their … "hand-to-mouth" (holding liquid assets worth less than two weeks of income), the corresponding share is 20% for households …

Persistent link: https://www.econbiz.de/10013367109

How wages respond to shocks: asymmetry in the speed of adjustment

Rõõm, Tairi; Dabusinskas, Aurelijus - 2011

The time series of various economic variables often exhibit asymmetry: decreases in the values tend to be sharp and fast, whereas increases usually occur slowly and gradually. We detect signs of an analogous asymmetry in firms’ wage setting behaviour on the basis of managerial surveys, with...

Persistent link: https://www.econbiz.de/10009160036

The gender promotion gap : evidence from central banking

Hospido, Laura; Laeven, Luc; Lamo, Ana - 2019

We examine gender differences in career progression and promotions in central banking, a stereotypical male-dominated occupation, using confidential anonymized personnel data from the European Central Bank (ECB) during the period 2003-2017. A wage gap emerges between men and women within a few...

Persistent link: https://www.econbiz.de/10011997451