Monetary Policy and Liquidity Constraints: Evidence from the Euro Area

• 成果类型: Article
• 署名作者: Almgren, Mattias; Gallegos, Jose-Elias; Kramer, John; Lima, Ricardo
• 署名单位: Stockholm University; Banco de Espana; Stockholm University; University of Copenhagen
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20200096
• 发表日期: 2022
• 页码: 309-340
• 关键词: identification; transmission; surprises; debt

摘要

In 2016, 30 percent of households in Germany reported that they could not meet an unexpected, immediate expense of 985 euros. At the same time, 40 percent of Italian households reported that they would be unable to meet an unexpected expense of 800 euros.1 Figures like these suggest that a significant portion of households hold few liquid assets, which potentially makes them vulnerable to unexpected shocks to the economy. These households have received special attention recently, especially in monetary economics.