MPC Heterogeneity and the Dynamic Response of Consumption to Monetary Policy
基于欧元区四国微观数据，估计家庭金融选择导致的边际消费倾向分布，揭示货币政策通过收入和资产回报渠道对不同国家及个体消费的差异化影响。
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-specific 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.