Praet says household heterogeneity key to understanding transmission mechanism
European Central Bank (ECB) chief economist Peter Praet last night told an ECB conference that the new Household Finance and Consumption Survey (HFCS) can bring new insights into how individual households are affected by economic shocks – "in sharp contrast to the stark representation of consumers in many DSGE models".
Praet said it is "of key interest to central bankers" how shocks – including unexpected changes in incomes, interest rates and asset prices – are transmitted in the overall
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