MPC Heterogeneity and the Dynamic Response of Consumption to Monetary Policy

• 成果类型: Article
• 署名作者: Ampudi, Miguel; Cooper, Russell; Le Blanc, Julia; Zhu, Guozhong
• 署名单位: European Central Bank; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; European University Institute; National Bureau of Economic Research; European Commission Joint Research Centre; EC JRC ISPRA Site; University of Alberta
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20210277
• 发表日期: 2024
• 页码: 343-388
• 关键词: wealth

摘要

This paper studies how household financial choices affect the impact of monetary policy on consumption. Based on micro data from four major euro area countries, we estimate key structural parameters using a simulated method of moments approach to match moments related to asset market participation rates, portfolio shares, and wealth-to-income ratios by education and country. The country-spe-cific distributions of marginal propensities to consume(MPCs) out of income and financial wealth are not degenerate. Due to this MPC heterogeneity, monetary policy, operating through income and asset returns, has a differential impact on individuals within and across countries. (JEL E21, E52, G51)