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  1. How large is the housing wealth effect? - a new approach
    [November 12, 2006]
    Autor*in: Carroll, Chris; Otsuka, Misuzu; Slacalek, Jirka
    Erschienen: 2006
    Verlag:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2006,35
    Schlagworte: Grundstück; Mietwohngrundstück; Privatgrundstück; Eigentum; Realkasseneffekt; Vermögenseffekte des Geldes; Privater Verbrauch; :z Geschichte 1960-2005; USA; Verbrauch; Unbewegliche Sache
    Weitere Schlagworte: (stw)1960-2005; (stw)Immobilien; (stw)Eigentum; (stw)Vermögenseffekt; (stw)Privater Konsum; (stw)USA; Housing Wealth; Wealth Effect; Consumption Dynamics; Asset Price Bubbles; Arbeitspapier; Graue Literatur
    Umfang: Online-Ressource
  2. Monetary policy and the redistribution channel in the euro area
    Autor*in: Pekanov, Atanas
    Erschienen: May 2024
    Verlag:  Österreichisches Institut für Wirtschaftsforschung, Wien

    Monetary policy has implicit redistribution effects for households when households are different. This changes the aggregate consumption response to interest rate changes. This paper is the first to estimate the magnitude of redistributionary... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 533
    Fernleihe:
    keine Fernleihe

     

    Monetary policy has implicit redistribution effects for households when households are different. This changes the aggregate consumption response to interest rate changes. This paper is the first to estimate the magnitude of redistributionary channels of monetary policy in the euro area. When households have heterogeneous MPCs and balance sheets, three redistributionary channels amend the standard consumption response to monetary policy - an earnings heterogeneity channel, an inflation-driven Fischer channel and a real interest rate channel. I construct a new dataset combining the ECB HFCS and the Eurostat HBS to obtain a representative euro area dataset with detailed information on household balance sheets and consumption. I use a unique question in the HFCS to calculate the sufficient statistics necessary to evaluate these redistribution channels. For the euro area the three redistribution channels enhance monetary policy - the effects of one time expansionary monetary policy shocks in stimulating consumption are stronger than in models without heterogeneity. In the euro area, a 1 percent decrease in the real interest rate redistributes wealth from creditors to debtors, and creates further income and price effects. This increases aggregate consumption through unequal exposure to interest rate changes, the price level and earnings respectively by 9 basis points, 7 basis points and another 2 basis points. Redistribution amplifies the monetary policy change and makes the aggregate consumption response 15 percent higher. The relative power of different channels of monetary policy is revised from the standard model - the redistribution channel with household heterogeneity makes up 14 percent of the total consumption response, while the aggregate demand and the substitution channel amount to respectively 53 and 33 percent. When households earnings react unequally to GDP changes, as estimated in the data, their heterogeneous individual earnings elasticities enhance this effect further and the share of the redistribution channel of earnings heterogeneity increases to between 20 and 27 percent. With heterogenous earnings elasticities redistribution amplifies the effects of monetary policy by up to 37 percent.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/299370
    Schriftenreihe: WIFO working papers ; 676 (2024)
    Schlagworte: MPC; Household balance sheets; Monetary policy transmission; Consumption Dynamics; Redistribution
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen