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首页> 外文期刊>Journal of Economic Dynamics and Control >Household balance sheet channels of monetary policy: A back of the envelope calculation for the euro area
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Household balance sheet channels of monetary policy: A back of the envelope calculation for the euro area

机译：家庭资产负债表渠道货币政策：欧元区信封计算的后面

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This paper formulates a back of the envelope approach to study the effects of monetary policy on household consumption expenditures. We analyze several transmission mechanisms operating through direct, partial equilibrium channels-intertemporal substitution and net interest rate exposure-and indirect, general equilibrium channels-net nominal exposure, as well as wealth, collateral and labor income channels. The strength of these forces varies across households depending on their marginal propensities to consume, their balance sheet composition, the sensitivity of their own earnings to fluctuations in aggregate labor income, and the responsiveness of aggregate earnings, asset prices and inflation to monetary policy shocks. We quantify all these channels in the euro area by combining micro data from the HFCS and the EU-LFS with structural VARs estimated on aggregate time series. We find that the indirect labor income channel and the housing wealth effect are strong drivers of the aggregate consumption response to monetary policy and explain the cross-country heterogeneity in these responses. (C) 2020 Elsevier B.V. All rights reserved.
机译：本文制定了信封方法的背面，以研究货币政策对家庭消费支出的影响。我们分析了通过直接，部分均衡通道 - 跨期替代和净利率暴露和间接，一般均衡通道 - 净标称曝光以及财富，抵押品和劳动收入渠道进行的几种传输机制。这些力量的实力根据他们的边际施力，他们的资产负债表组成，他们自己收入波动的敏感性以及汇总盈利，资产价格和通货膨胀对货币政策冲击的响应性的敏感性，以及货币政策冲击的敏感性的敏感性之间的力量。我们通过将来自HFCS的微量数据和eu-LF与聚合时间序列估计的结构差相结合来量化欧元区中的所有这些渠道。我们发现间接劳动力收入渠道和住房财富效应是对货币政策的总消费响应的强大驱动因素，并解释这些反应中的跨国异质性。 （c）2020 Elsevier B.v.保留所有权利。

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