| 000 | 01513nab a2200265 c 4500 | ||
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| 999 |
_c146767 _d146767 |
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| 003 | ES-MaIEF | ||
| 005 | 20221117192429.0 | ||
| 007 | ta | ||
| 008 | 221117t2022 us ||||| |||| 00| ||eng d | ||
| 040 |
_aES-MaIEF _bspa _cES-MaIEF |
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| 245 | 0 | 0 |
_aMonetary policy and liquidity constraints _bevidence from the Euro Area _c by Mattias Almgren... [et al.] |
| 500 | _aResumen | ||
| 504 | _aBibliografía | ||
| 520 | _aWe quantify the relationship between the response of output to monetary policy shocks and the share of liquidity-constrained households. We do so in the context of the euro area, using a Local Projections Instrumental Variables estimation. We construct an instrument for changes in interest rates from changes in overnight indexed swap rates in a narrow time window around ECB announcements. Monetary policy shocks have heterogeneous effects on output across countries. Using micro data, we show that the elasticity of output to monetary policy shocks is larger in countries that have a larger fraction of households that are liquidity constrained. | ||
| 650 | 4 |
_aPOLITICA MONETARIA _948062 |
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| 650 | 4 |
_aLIQUIDEZ _953202 |
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| 650 | 4 |
_aEURO _943904 |
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| 650 | 4 |
_aTASAS _948526 |
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| 650 | 4 |
_aMICROECONOMIA _947747 |
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| 650 | 4 |
_aVIVIENDA _948710 |
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| 650 | 4 |
_aUNION ECONOMICA Y MONETARIA _948643 |
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| 700 | 1 |
_aAlmgren, Mattias _970197 |
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| 773 | 0 |
_9168431 _oOP 2137/2022/4 _tAmerican Economic Journal : Macroeconomics _w(IEF)64915 _x1945-7707 _g v. 14, n. 4, October 2022, p. 309-340 |
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| 942 | _cART | ||