BEGIN:VCALENDAR
VERSION:2.0
METHOD:PUBLISH
BEGIN:VTIMEZONE
TZID:Europe/London
BEGIN:STANDARD
TZNAME:GMT
TZOFFSETFROM:+0100
TZOFFSETTO:+0000
DTSTART:19701025T020000
RRULE:FREQ=YEARLY;BYMONTH=10;BYDAY=-1SU
END:STANDARD
BEGIN:DAYLIGHT
TZNAME:BST
TZOFFSETFROM:+0000
TZOFFSETTO:+0100
DTSTART:19700329T010000
RRULE:FREQ=YEARLY;BYMONTH=3;BYDAY=-1SU
END:DAYLIGHT
END:VTIMEZONE
BEGIN:VEVENT
UID:6a5e23c762ce3
DTSTAMP:20260720T133359Z
DTSTART;TZID=Europe/London:20241029T150000
DTEND;TZID=Europe/London:20241029T160000
TZID:Europe/London
SUMMARY:Department of Economics Seminar with Professor Federica Romei, University of Oxford
DESCRIPTION:Professor Romei's primary fields of research are in monetary economics and international economics.    Abstract: This paper studies the role of expenditure composition in shaping the transmission of monetary policy across countries in a monetary union. We show that economies with a higher share of non-tradable consumption exhibit weaker output responses to monetary policy shocks, in the euro area. Income inequality is a key determinant of non-tradable consumption shares, as households with higher income allocate more of their consumption to non-tradables. Using both micro and macro data across euro-area countries, we show that countries with higher income inequality exhibit a larger share of non-tradable consumption and, consequently,  a weaker response to monetary policy shocks. We rationalize these empirical findings through a model featuring heterogeneous agents, non-homothetic preferences, and incomplete markets. The model underscores how cross-country differences in income distribution and consumption patterns shape the transmission of monetary policy. https://events.st-andrews.ac.uk/events/department-of-economics-seminar-with-professor-federica-romei-university-of-oxford/
LOCATION:Castlecliffe, The Scores, KY16 9AZ, St Andrews, Fife, Scotland
URL:https://events.st-andrews.ac.uk/events/department-of-economics-seminar-with-professor-federica-romei-university-of-oxford/
End:VEVENT
End:VCALENDAR