This paper studies the implications of household financial choices for the effects of monetary policy on consumption … heterogeneity in consumption responses, monetary policy, operating through its effects on household income and asset market returns … stock returns. Monetary policy has a larger impact on consumption in Italy and Spain compared to France and Germany …

This paper studies household financial choices in four euro area countries. The goal of the analysis is to understand … household income and asset market returns, has a differential impact on individuals within and across countries. Generally, poor … policy-induced variations in stock returns. Finally, monetary contractions have a larger impact on consumption in Germany and …

prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life … 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 …

prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life …, 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 …

prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life …, 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 …