Maison de la Paix - Genève, Room S1 Petal 2 (hybrid event)
PLEASE NOTE: Access to indoor public events is limited to attendees with a Swiss or European COVID certificate. In addition, face masks must be worn to all in-person events at the Graduate Institute.
The Brown Bag Lunch is a weekly event organized by the Department of International Economics.
As part of the Brown Bag Lunch series, the International Economics Department at the Graduate Institute is pleased to invite you to a public talk given by Théodore Renault, who will present his joint work with Sebastian Hauptmeier and Fédéric Holm-Hadulla from the European Central Bank (ECB).
Risk-sharing and the transmission of monetary policy in the Euro area
by Théodore Renault, Sebastian Hauptmeier and Fédéric Holm-Hadulla
Abstract: This paper studies the relation between risk-sharing and monetary policy transmission. We first estimate the degree of risk-sharing, through private and public channels, using regional data for Euro area countries. Using local linear projections, we find that risk-sharing dampens monetary policy shocks. Our results also show complementarity between private and public risk-sharing channels. Finally, employing quantile regressions, we find that gains from having higher levels of fiscal risk-sharing are larger in poorer regions.