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The interest rate exposure of euro area households

Panagiota Tzamourani ()

European Economic Review, 2021, vol. 132, issue C

Abstract: We estimate the “unhedged interest rate exposure” (URE) of euro area households. The URE, defined by Auclert (2019), is a welfare metric that captures the extent to which households are exposed to changes in real interest rates, and allows an assessment of the redistributive effects associated with monetary policy decisions.

Keywords: Interest rate exposure (URE); Monetary policy; Distributional effects; Adjustable rate mortgage (ARM); Household finance and consumption survey (HFCS) (search for similar items in EconPapers)
JEL-codes: D31 E21 E52 E58 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1016/j.euroecorev.2020.103643

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European Economic Review is currently edited by T.S. Eicher, A. Imrohoroglu, E. Leeper, J. Oechssler and M. Pesendorfer

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