期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：We extend household-level data from the Household Finance and ConsumptionSurvey using aggregate series and micro-simulations to investigate heterogeneityin the euro area. We quantify shocks to wealth, income and nancialpressure faced by various categories of households since the onset of the GreatRecession. The shocks di er substantially both across countries and across economicand socio-demographic characteristics. We nd that the rising unemploymentrate disproportionately a ected the income-poor, while the decliningwealth the income-rich. Although borrowers bene ted from the substantial decreasein interest rates, debt service{income and debt{income ratios for poorhouseholds went up as they faced falling incomes. Household deleveraging wasprimarily driven by the restrained mortgage borrowing by the young. In severalcountries and at the euro-area level the unprecedented declines in asset pricessubstantially contributed to the sluggish consumption growth driven by bothrich and poor households: while the former were hit by large shocks to wealth,the latter also signi cantly cut their spending because of their high MPCs
关键词：Household Heterogeneity; Wealth; Income; Financial Pressure; Deleveraging;Wealth E ect; Great Recession; Household Finance and Consumption Survey
