Unconventional monetary policy and household heterogeneity: evidence from QE shocks

Simple item page
dc.catalogadorpva
dc.contributor.advisorVicondoa Ramos, Alejandro Martín
dc.contributor.advisorTurén, Javier
dc.contributor.authorRosende Jürgensen, Francisco Javier
dc.contributor.otherPontificia Universidad Católica de Chile. Instituto de Economía
dc.date.accessioned2025-01-13T20:04:12Z
dc.date.available2025-01-13T20:04:12Z
dc.date.issued2024
dc.date.updated2025-01-10T23:25:19Z
dc.descriptionTesis (Magíster en Economía)--Pontificia Universidad Católica de Chile, 2024
dc.description.abstractThis paper examines the heterogeneous effects of Large-Scale Asset Purchases (LSAP) on household consumption, assets, and liabilities across different income cohorts using a Smooth Local Projections (SLP) approach. We find that high-income households experience an immediate and significant increase in consumption, while low-income families initially reduce consumption but show a delayed increase starting six quarters after the shock.We identify two primary channels through which LSAP shocks operate. First, a valuation effect on financial assets benefits high-income households with substantial wealth and sufficient liquidity to respond to the shock. Second, a real activity channel, where decreasing unemployment from heightened economic activity contributes to increased consumption among low-income households after a year and a half.Additionally, we propose that heightened prepayment and refinancing activity may explain the initial decline in consumption among low-income households.These findings highlight the differentiated impacts of LSAP shocks on various household groups and offer insights into the mechanisms driving these responses, drawing comparisons to conventional monetary policy shocks.
dc.fechaingreso.objetodigital2025-01-10
dc.format.extent57 páginas
dc.fuente.origenAutoarchivo
dc.identifier.doi10.7764/tesisUC/ECO/89622
dc.identifier.urihttps://doi.org/10.7764/tesisUC/ECO/89622
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/89622
dc.information.autorucInstituto de Economía; Vicondoa Ramos, Alejandro Martín; 0000-0001-9088-3588; 1058805
dc.information.autorucInstituto de Economía; Turén, Javier; 0000-0003-0052-5192; 1078034
dc.information.autorucFacultad de Economía y Administración; Rosende Jürgensen, Francisco Javier; S/I; 1087444
dc.language.isoen
dc.nota.accesocontenido completo
dc.rightsacceso abierto
dc.rights.licenseAtribución 4.0 Internacional (CC BY 4.0)
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/deed.es
dc.subject.ddc330
dc.subject.deweyEconomíaes_ES
dc.subject.ods08 Decent work and economic growth
dc.subject.ods01 No poverty
dc.subject.ods10 Reduced inequalities
dc.subject.odspa08 Trabajo decente y crecimiento económico
dc.subject.odspa01 Fin de la pobreza
dc.subject.odspa10 Reducción de las desigualdades
dc.titleUnconventional monetary policy and household heterogeneity: evidence from QE shocks
dc.typetesis de maestría
sipa.codpersvinculados1058805
sipa.codpersvinculados1078034
sipa.codpersvinculados1087444
Files
Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
TESIS_ME_FRJ_final.pdf
Size:
4.88 MB
Format:
Adobe Portable Document Format
Description:
Download
License bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
license.txt
Size:
1.98 KB
Format:
Item-specific license agreed upon to submission
Description:
Download
Collections
3.13 Tesis magíster