Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/184796
Authors: 
Mumtaz, Haroon
Theodoridis, Konstantinos
Year of Publication: 
2018
Series/Report no.: 
Working Paper 845
Abstract: 
We show that US financial shocks have an impact on the distribution of UK income and consumption. Households with higher income and higher levels of consumption are affected more by this shock than households located towards the lower end of these distributions. An estimated multiple agent DSGE model suggests that the heterogeneity in the household responses can be explained by the different levels of access to financial markets. We find that this heterogeneity magnifies the effect of this shock on aggregate output.
Subjects: 
FAVAR
DSGE model
Financial Shock
JEL: 
D31
E32
E44
Document Type: 
Working Paper
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