Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/183352 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
ECB Working Paper No. 2170
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper considers how monetary policy produces heterogeneous effects on euro area households, depending on the 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 that the indirect income channel has an overwhelming importance, especially for households holding few or no liquid assets. The indirect income channel is therefore also a substantial driver of changes in consumption at the aggregate level.
Schlagwörter: 
Monetary policy
inequality
household heterogeneity
quantitative easing
JEL: 
D14
D31
E21
E52
E58
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-3275-2
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
695.72 kB





Publikationen in EconStor sind urheberrechtlich geschützt.