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Aleksandra Kolndrekaj

Economics

Division

Business Cycle Analysis

Current Position

Research Analyst

Fields of interest

Macroeconomics and Monetary Economics

Email

Aleksandra.Kolndrekaj@ecb.europa.eu

Education
2011-2014

Università degli Studi di Torino, Master's degree, Economics

2011-2014

Collegio Carlo Alberto, Master's degree, Economics

2008-2011

Università degli Studi di Torino, Bachelor's degree, Economics

2009-2011

Collegio Carlo Alberto, Diploma in Economics

14 September 2022
WORKING PAPER SERIES - No. 2719
Details
Abstract
We use household surveys to describe differences in wages, income, wealth and liquid assets of households born in their country of residence (“natives”) vs. those born in other EU and non-EU countries (“immigrants”). The differences in wealth are more substantial than the differences in wages and incomes: immigrants earn on average about 30% lower wages than natives and hold roughly 60% less net wealth. For all variables, only a small fraction of differences between natives and immigrants—around 30%—can be explained by differences in demographics (age, gender, marital status, education, occupation, sector of employment). Immigrants are more likely to be liquidity constrained: while about 17% of natives can be labelled as “hand-to-mouth” (holding liquid assets worth less than two weeks of income), the corresponding share is 20% for households born in another EU country and 29% for those born outside the EU. Employment rates of immigrants are substantially more sensitive to fluctuations in aggregate employment. Monetary policy easing stimulates more strongly employment of individuals born outside the EU.
JEL Code
J15 : Labor and Demographic Economics→Demographic Economics→Economics of Minorities, Races, Indigenous Peoples, and Immigrants, Non-labor Discrimination
D31 : Microeconomics→Distribution→Personal Income, Wealth, and Their Distributions
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
Network
Discussion papers
14 September 2022
THE ECB BLOG
Women and men shop differently and have different perceptions of prices and inflation. This ECB Blog post examines how inflation expectations are formed and revised across gender and why that matters for central banks.
Details
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
J16 : Labor and Demographic Economics→Demographic Economics→Economics of Gender, Non-labor Discrimination
1 August 2022
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 5, 2022
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Abstract
This box uses the ECB Consumer Expectations Survey (CES) to assess euro area household saving behaviour since the start of the coronavirus (COVID-19) pandemic. Most respondents reported that during the pandemic they were not able to increase their savings. Those that were able to do so reported that COVID-19-related restrictions/fear of infection and precautionary motives were the most important reasons for increasing their savings. In March 2021 the bulk of the savings accumulated during the pandemic were not expected to be spent until at least the spring of 2022. Most respondents expected to return to, but not exceed, their pre-COVID-19 levels of consumption as soon as pandemic restrictions were relaxed, suggesting limited scope for widespread pent-up demand during the recovery. Pandemic-related savings were concentrated among higher-income households with a relatively low exposure to energy-intensive expenditure. This limits the extent to which these savings are able to shield the ongoing recovery of consumption from the adverse impact of the recent surge in energy prices.
JEL Code
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
D14 : Microeconomics→Household Behavior and Family Economics→Household Saving; Personal Finance
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
28 July 2022
THE ECB BLOG
Non-immigrants in the euro area are on average better off than immigrants in terms of wages and wealth. These differences can cause immigrants to react differently to economic shocks and changing financial conditions. As economic inequality matters for monetary policy transmission, the ECB Blog takes a closer look.
25 April 2022
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 3, 2022
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Abstract
The recent increase in energy prices raises the question of the extent to which households will reduce their consumption in response. This article reviews the drivers of the macroeconomic transmission of higher energy prices. It finds that in the first half of 2021 households regarded most of the rise in energy prices as being driven by stronger aggregate demand, leading to a recovery in consumption. However, since the summer of 2021 price rises caused, among other things, by disruptions in the supply of energy have increasingly weighed on household spending. This article also analyses the distributional impact of higher energy prices. Because poorer households spend a relatively large percentage of their income on energy, their purchasing power is particularly affected when energy prices surge. While monetary policy may have a limited role to play in counteracting the fallout from supply-driven changes in energy prices, targeted fiscal policies seem well suited to addressing the impact on the most affected households.
JEL Code
C23 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Panel Data Models, Spatio-temporal Models
C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
D39 : Microeconomics→Distribution→Other
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
8 December 2021
OCCASIONAL PAPER SERIES - No. 287
Details
Abstract
The Consumer Expectations Survey (CES) is an important new tool for analysing euro area household economic behaviour and expectations. This new survey covers a range of important topical areas including consumption and income, inflation and gross domestic product (GDP) growth, the labour market, housing market activity and house prices, and consumer finance and credit access. The CES, which was launched as a pilot in January 2020, is a mixed frequency modular survey, which is conducted online. The survey structure and centralised data collection ensures the collection of harmonised quantitative and qualitative euro area information in a timely manner that facilitates direct cross-country comparisons. During the pilot phase, it was conducted for the six largest euro area countries and contained 10,000 individual respondents. In the context of the coronavirus (COVID-19) pandemic, the CES has been used to gather useful information on the impact of the crisis on the household sector and the effectiveness of policy measures to mitigate the effects of the pandemic. The CES also collects information on the public’s overall trust in the ECB, their knowledge about its objectives and the channels through which they learn about its monetary policy and other central bank-related topics. This paper describes the key features of this new ECB survey – including its statistical properties – and offers a first evaluation of the results from the pilot phase. It also identifies a number of areas where the survey can be usefully developed further. Overall, the experience with the CES has been very positive, and the pilot survey is considered to have achieved its main objectives.
JEL Code
C42 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→Survey Methods
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
D14 : Microeconomics→Household Behavior and Family Economics→Household Saving; Personal Finance
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
E24 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
21 September 2021
OCCASIONAL PAPER SERIES - No. 275
Details
Abstract
This report discusses the role of the European Union’s full employment objective in the conduct of the ECB’s monetary policy. It first reviews a range of indicators of full employment, highlights the heterogeneity of labour market outcomes within different groups in the population and across countries, and documents the flatness of the Phillips curve in the euro area. In this context, it is stressed that labour market structures and trend labour market outcomes are primarily determined by national economic policies. The report then recalls that, in many circumstances, inflation and employment move together and pursuing price stability is conducive to supporting employment. However, in response to economic shocks that give rise to a temporary trade-off between employment and inflation stabilisation, the ECB’s medium-term orientation in pursuing price stability is shown to provide flexibility to contribute to the achievement of the EU’s full employment objective. Regarding the conduct of monetary policy in a low interest rate environment, model-based simulations suggest that history-dependent policy approaches − which have been proposed to overcome lasting shortfalls of inflation due to the effective lower bound on nominal interest rates by a more persistent policy response to disinflationary shocks − can help to bring employment closer to full employment, even though their effectiveness depends on the strength of the postulated expectations channels. Finally, the importance of employment income and wealth inequality in the transmission of monetary policy strengthens the case for more persistent or forceful easing policies (in pursuit of price stability) when interest rates are constrained by their lower bound.
JEL Code
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E24 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital