We study heterogeneity in the transmission of monetary shocks across euro-area (EA) countries using a dynamic factor model and high-frequency identification. Deploying a novel methodology to asses the degree of heterogeneity, we find it to be low in financial variables and output but significant in consumption, consumer prices, and variables related to local housing and labour markets. We show that a large proportion of the variation in the responses to monetary shocks can be accounted for by differences in some characteristics of these markets across EA member countries: the share of adjustable mortgage contracts, homeownership rates, shares of hand-to-mouth and wealthy hand-to-mouth consumers, as well as wage rigidity.

中文翻译：

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一种货币，多种市场

我们使用动态因子模型和高频识别研究了欧元区 (EA) 国家货币冲击传递的异质性。采用一种新的方法来评估异质性的程度，我们发现它在金融变量和产出方面较低，但在消费、消费者价格以及与当地住房和劳动力市场相关的变量方面却很重要。我们表明，对货币冲击反应的很大一部分差异可以通过 EA 成员国这些市场的某些特征的差异来解释：可调整抵押贷款合同的份额、房屋拥有率、手对口的份额和富裕的白手起家的消费者，以及工资刚性。