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

) announced by the European Central Bank (ECB) in January 2015. The shock associated to the APP is identified with a combination …

framework illustrating the numerous channels of the transmission mechanism of surprise inflation to household welfare guides our …-expressed as a share of 2021-22 income- were larger than a typical recession, and heterogeneous, e.g., 3% in France and 8% in Italy …

lower labour income and more widespread homeownership. An expansionary monetary policy can thus be effective in mitigating … regional inequality via its stimulus to the economy. …

We use household surveys to describe differences in wages, income, wealth and liquid assets of households born in their … country of residence ("natives") vs. those born in other EU and non- EU countries ("immigrants"). The differences in wealth … natives and hold roughly 60% less net wealth. For all variables, only a small fraction of differences between natives and …

policy shock transmission channels. I show that monetary policy transmission takes place through a redistribution channel, as … emphasised by Auclert (2019). In particular, the effects of a monetary policy shock are amplified as resources are redistributed … homogeneous MPC rates. Consumption inequality is countercyclical in this setting and a high degree of leverage amplifies the …