VGSF Finance Research Seminar

Wirtschaftsuniversität Wien, Departments 3 3.0.22511:00 - 12:30

Art Vortrag/Diskussion
Vortragende/rRussell Cooper (European University Institute)
Veranstalter Wirtschaftsuniversität Wien MPC Heterogeneity in Europe: Sources and Policy Implications
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This paper studies house­hold finan­cial choices in four EU coun­tries. The esti­ma­tion of key para­me­ters uses a simu­la­tion method of moments approach to match moments on asset market parti­ci­pa­tion rates, port­folio shares and wealth to income ratios by educa­tion group and country. The policy func­tions based upon the esti­ma­tion are used to charac­te­rize the distri­bu­tions of the marginal propen­sity to consume across house­holds for each of the four coun­tries. The distri­bu­tions are directly related to the presence of hand-­to-­mouth house­holds. With the esti­mated distri­bu­tions, mone­tary policy, opera­ting through its effects on house­hold income and asset market returns, will have a diffe­ren­tial impact on indi­vi­duals within and across coun­tries.

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