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The effects of monetary policy shocks on consumption: a decomposition of the transmission channels for Portuguese households
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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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High frequency identification Monetary transmission Inflation Dynamicfactor models Var Monetary shock Housing Wealth distribution Heterogeneous agents Consumption