| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11023 |
| DP11023 Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism | |
| Paolo Surico; James Cloyne; Clodomiro Ferreira | |
| 发表日期 | 2015-12-20 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | In response to an interest rate change, mortgagors in the U.K. and U.S. adjust their spending significantly (especially on durable goods) but outright home-owners do not. While the dollar change in mortgage payments is nearly three times larger in the U.K. than in the U.S., these magnitudes are much smaller than the overall change in expenditure. In contrast, the income change is sizable and similar across both household groups and countries. Consistent with the predictions of a simple heterogeneous agents model with credit- constrained households and multi-period fixed-rate debt contracts, our evidence suggests that the general equilibrium effect of monetary policy on income is quantitatively more important than the direct effect on cashflows. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations ; Macroeconomics and Growth |
| URL | https://cepr.org/publications/dp11023 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539852 |
| 推荐引用方式 GB/T 7714 | Paolo Surico,James Cloyne,Clodomiro Ferreira. DP11023 Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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