One Money, Many Markets
研究欧元区各国对货币政策冲击反应的异质性，发现金融变量和产出异质性低，但消费、价格及住房和劳动力市场异质性显著，且可由抵押贷款类型、住房拥有率等特征解释。
Abstract We study heterogeneity in the transmission of monetary shocks across euro-area (EA) countries using a dynamic factor model and high-frequency identification. Deploying a novel methodology to asses the degree of heterogeneity, we find it to be low in financial variables and output but significant in consumption, consumer prices, and variables related to local housing and labour markets. We show that a large proportion of the variation in the responses to monetary shocks can be accounted for by differences in some characteristics of these markets across EA member countries: the share of adjustable mortgage contracts, homeownership rates, shares of hand-to-mouth and wealthy hand-to-mouth consumers, as well as wage rigidity.