Title: Disentangling the Distributional Effects of Financial Shocks in the Euro Area Show Chinese title

Title: 欧元区金融冲击的分布效应分离

Abstract: We estimate the dynamic distributional effects of financial shocks in the Euro Area using survey-based microdata on personal incomes. We find that positive financial shocks increase inequality, with heterogeneity across different income groups. Much of the response emerges in the tails of the income distribution. By decomposing individual incomes into financial and labor components, we identify two distinct transmission mechanisms: financial income inequality rises, likely due to differences in asset holdings. In contrast, labor income inequality increases through a skill premium channel. We then consider a nonlinear model framework, distinguishing the sign of the shock, allowing us to document the presence of asymmetric effects. While positive shocks lead to income disparities, adverse shocks have the opposite effect. Notably, middle-income groups are only affected following a negative shock, highlighting differential vulnerabilities across the income distribution. Show Chinese abstract

Abstract: 我们使用基于调查的个人收入微观数据，估计了金融冲击在欧元区的动态分布效应。 我们发现，积极的金融冲击增加了不平等，不同收入群体之间存在异质性。 大部分反应出现在收入分布的尾部。 通过将个人收入分解为金融和劳动组成部分，我们识别出两种不同的传导机制：金融收入不平等上升，这可能是由于资产持有量的差异。 相反，劳动收入不平等通过技能溢价渠道增加。 我们随后考虑了一个非线性模型框架，区分冲击的正负号，使我们能够记录到不对称效应的存在。 虽然积极冲击导致收入差距，负面冲击则产生相反的效果。 值得注意的是，中等收入群体仅在负面冲击后受到影响，突显了收入分布中不同群体的差异性脆弱性。