Go to main navigation Navigation menu Skip navigation Home page Search

Seminar in Economics | with Sergio de Ferra

Department of Economics welcomes you to a seminar with Sergio de Ferra, University of Oxford.

Welcome to this Higher Seminar in Economics organized by the Department of Economics, SSE. The seminar speaker is Sergio de Ferra, University of Oxford, who will present 

"Inequality, Demand Composition, and the Transmission of Monetary Policy" (w/ Lukas Boehnert, Kurt Mitman and Federica Romei)


We argue that demand composition between tradable and non-tradable goods and services affects monetary policy transmission. We document at the micro level that within Eurozone countries, richer households allocate a greater share of their consumption basket to non-tradable goods.  At the aggregate level, we show that non-tradable goods account for a larger share of total consumption in countries with higher income inequality. Finally, we show that output responses to identified monetary policy shocks are larger for economies with lower non-tradable consumption shares. We rationalize our micro and macro findings using a small open-economy heterogeneous-agent model with non-homothetic preferences. We then study the implications for optimal stabilization policy.


The seminar takes place at Stockholm School of Economics, Sveavägen 65, room A350.

Please contact nicola.donohoe@hhs.se if you have any questions.

Dept. of Economics Economics Seminar in economics