household behaviour, a significant and time-varying inflation difference between income groups emerges. Substitution is strongly … behaviour-driven and largely detached from the relative price. The dispersion of the household-level elasticity of substitution … does not fully account for the heterogeneity of substitution behaviour. Substitution does not reduce the dispersion of …

and across equations. We find that there are significant substitution effects between intra- and extra-euro area imports … volatility and leads to substitution of trade away from higher-volatility regions towards lower-volatility regions. …

significant and probably strong substitution between these loans. Restrictive monetary policy leads to a decrease in domestic …