NATIONAL BUREAU OF ECONOMIC RESEARCH
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Household Balance Sheet Channels of Monetary Policy: A Back of the Envelope Calculation for the Euro Area

Jiri Slacalek, Oreste Tristani, Giovanni L. Violante

NBER Working Paper No. 26630
Issued in January 2020, Revised in February 2020

---- Acknowledgments ----

We thank Felipe Alves, Hugo Lhuillier, Adrian Monninger, Alessandro Pizzigolotto and Francisco Rodrigues for excellent research assistance. We also thank Fernando Alvarez, Rudi Bachmann, Florin Bilbiie, Chris Carroll, Gabriel Chodorow-Reich, Bill Dupor, Nicola Fuchs-Sch√ľndeln, Luigi Guiso, Jonathan Heathcote, Geoff Kenny, Luc Laeven, Michele Lenza, Davide Malacrino, Benjamin Moll, Dirk Niepelt, Michael Reiter, and Christian Wolf for their comments. We are especially grateful to Ralph Luetticke for his insightful discussion. All opinions expressed are personal and do not necessarily represent the views of the European Central Bank or the European System of Central Banks. This paper uses data from the Eurosystem Household Finance and Consumption Survey. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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