The effects of monetary policy shocks on consumption: a decomposition of the transmission channels for Portuguese households

Detalhes bibliográficos
Autor(a) principal: Pereira, Nuno André Mendes
Data de Publicação: 2021
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/127194
Resumo: In this study I use a combination of household level data from the 2ndwave of the HFCS with high-frequency data regarding changes in asset prices during events of monetary pol-icy communication to evaluate the effects of monetary shocks on households’ consumption expenditures in Portugal. I find that wealthy Hand-to-Mouth, i.e., households that are financially constrained but possess a significant amount of illiquid wealth, are the group with the most significant reaction to a negative monetary shock. In addition, Portugal displays a high home ownership rate, a fact that correlates with housing being the strongest transmission channel.
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spelling The effects of monetary policy shocks on consumption: a decomposition of the transmission channels for Portuguese householdsHigh frequency identificationMonetary transmissionInflationDynamicfactor modelsVarMonetary shockHousingWealth distributionHeterogeneous agentsConsumptionDomínio/Área Científica::Ciências Sociais::Economia e GestãoIn this study I use a combination of household level data from the 2ndwave of the HFCS with high-frequency data regarding changes in asset prices during events of monetary pol-icy communication to evaluate the effects of monetary shocks on households’ consumption expenditures in Portugal. I find that wealthy Hand-to-Mouth, i.e., households that are financially constrained but possess a significant amount of illiquid wealth, are the group with the most significant reaction to a negative monetary shock. In addition, Portugal displays a high home ownership rate, a fact that correlates with housing being the strongest transmission channel.Duarte, João B.RUNPereira, Nuno André Mendes2021-11-05T13:19:34Z2021-05-222021-01-042021-05-22T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/127194TID:202770737enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T05:07:17Zoai:run.unl.pt:10362/127194Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:46:04.443242Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv The effects of monetary policy shocks on consumption: a decomposition of the transmission channels for Portuguese households
title The effects of monetary policy shocks on consumption: a decomposition of the transmission channels for Portuguese households
spellingShingle The effects of monetary policy shocks on consumption: a decomposition of the transmission channels for Portuguese households
Pereira, Nuno André Mendes
High frequency identification
Monetary transmission
Inflation
Dynamicfactor models
Var
Monetary shock
Housing
Wealth distribution
Heterogeneous agents
Consumption
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short The effects of monetary policy shocks on consumption: a decomposition of the transmission channels for Portuguese households
title_full The effects of monetary policy shocks on consumption: a decomposition of the transmission channels for Portuguese households
title_fullStr The effects of monetary policy shocks on consumption: a decomposition of the transmission channels for Portuguese households
title_full_unstemmed The effects of monetary policy shocks on consumption: a decomposition of the transmission channels for Portuguese households
title_sort The effects of monetary policy shocks on consumption: a decomposition of the transmission channels for Portuguese households
author Pereira, Nuno André Mendes
author_facet Pereira, Nuno André Mendes
author_role author
dc.contributor.none.fl_str_mv Duarte, João B.
RUN
dc.contributor.author.fl_str_mv Pereira, Nuno André Mendes
dc.subject.por.fl_str_mv High frequency identification
Monetary transmission
Inflation
Dynamicfactor models
Var
Monetary shock
Housing
Wealth distribution
Heterogeneous agents
Consumption
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic High frequency identification
Monetary transmission
Inflation
Dynamicfactor models
Var
Monetary shock
Housing
Wealth distribution
Heterogeneous agents
Consumption
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description In this study I use a combination of household level data from the 2ndwave of the HFCS with high-frequency data regarding changes in asset prices during events of monetary pol-icy communication to evaluate the effects of monetary shocks on households’ consumption expenditures in Portugal. I find that wealthy Hand-to-Mouth, i.e., households that are financially constrained but possess a significant amount of illiquid wealth, are the group with the most significant reaction to a negative monetary shock. In addition, Portugal displays a high home ownership rate, a fact that correlates with housing being the strongest transmission channel.
publishDate 2021
dc.date.none.fl_str_mv 2021-11-05T13:19:34Z
2021-05-22
2021-01-04
2021-05-22T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/127194
TID:202770737
url http://hdl.handle.net/10362/127194
identifier_str_mv TID:202770737
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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