Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractWe document the presence of sizable distributional effects from unexpected price level movements in the Euro Area (EA) using sectoral accounts and newly available data from the Household Finance and Consumption Survey. The EA as a whole is a net winner of unexpected price level increases, with Italy, Greece, Portugal and Spain being the biggest beneficiaries, and Belgium and Malta being the largest losers. Governments are net winners of inflation, while the household (HH) sector is a net loser. HHs in Belgium, Ireland, Malta and Germany incur the biggest per capita losses, while HHs in Finland and Spain turn out to be net winners of inflation. Considerable heterogeneity exists also within the HH sector: relatively young middle class HHs are net winners of inflation, while older and richer HHs are losers. As a result, wealth inequality for the EA as a whole decreases with unexpected inflation, although in some countries (Austria, Germany and Malta) inequality increases due to presence of relatively few young borrowing HHs. We document that HHs inflation exposure varies systematically across countries, with HHs in high inflation EA countries holding systematically lower nominal exposures.JEL classification: E31,D31,D14

We study the role of household saving behaviour, of individual motives for saving and that of perceived liquidity constraints on household finances in the 15 Euro Area countries. The empirical analysis is based on the Household Finance and Consumption Survey (HFCS), a new harmonized data set collecting detailed information on wealth holdings, consumption and income at the household level. We find evidence of some degree of homogeneity across countries with respect to saving preferences and the relative importance of alternative motives for saving. In addition we find a more heterogeneous impact of credit constraints, that are perceived to be binding for specific groups of respondents and geographic regions. Both household characteristics and institutional macroeconomic variables are significant and economically important determinants of household saving preferences and of the credit constraints they face. These findings have relevant policy implications if interpreted in light of the recent financial crisis, the country-specific institutional settings, and the different degree of development of formal lending channels.Jel-Classification: C8; D12; D14; D91

No abstract

We study the role of household saving behaviour, of individual motives for saving and that of perceived liquidity constraints on household finances in the 15 Euro Area countries. The empirical analysis is based on the Household Finance and Consumption Survey (HFCS), a new harmonized data set collecting detailed information on wealth holdings, consumption and income at the household level. We find evidence of some degree of homogeneity across countries with respect to saving preferences and the relative importance of alternative motives for saving. In addition we find a more heterogeneous impact of credit constraints, that are perceived to be binding for specific groups of respondents and geographic regions. Both household characteristics and institutional macroeconomic variables are significant and economically important determinants of household saving preferences and of the credit constraints they face. These findings have relevant policy implications if interpreted in light of the recent financial crisis, the country-specific institutional settings, and the different degree of development of formal lending channels.Jel-Classification: C8; D12; D14; D91

No abstract