185-246; and Canzoneri, M. B., Cumby, R. E. and Diba, B. T. (2007), “Euler equations and money market interest rates: A challenge for monetary policy models,” Journal of Monetary Economics, Vol. 54(7), pp. 1863-1881. For an aggregate perspective on household wealth and consumption, see de Bondt, G., Gieseck, A. and Tujula, M. (forthcoming), “Household wealth and consumption in the euro area”, Economic Bulletin, ECB.
[3] The implications of the demographic structure of the population for the response of different age cohorts to a monetary policy shock is considered in Leahy, J. V. and Thapar, A. (2019) “Demographic Effects on the Impact of Monetary Policy”, NBER Working Paper Series, No 26324, National Bureau of Economic Research. [4] See Nickel, C., Bobeica, E., Koester, G., Lis, E. and Porqueddu, M.