| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12270 |
| DP12270 Household Debt and Monetary Policy: Revealing the Cash-Flow Channel | |
| Martin Flodén; Matilda Kilström; Josef Sigurdsson; Roine Vestman | |
| 发表日期 | 2017-09-05 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We examine the effect of monetary policy on household spending when households are indebted and interest rates on outstanding loans are linked to short-term interest rates. Using administrative data on balance sheets and consumption expenditure of Swedish households, we reveal the cash-flow transmission channel of monetary policy. On average, indebted households reduce consumption spending by an additional 0.25-0.35 percentage points in response to a one-percentage-point increase in the policy rate, relative to a household with no debt. This is true among households with low or high levels of illiquid wealth, such as homeowners, who hold disproportionally little liquid wealth and display hand-to-mouth behavior when faced with increased interest expenses. We show that these responses are driven by households that have some or a large share of their debt in contracts where interest rates vary with short-term interest rates, such as adjustable-rate mortgages (ARMs), which implies that monetary policy shocks are quickly passed through to interest expenses. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | monetary policy Consumption Household debt Adjustable rate mortgages |
| URL | https://cepr.org/publications/dp12270-0 |
| 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/541081 |
| 推荐引用方式 GB/T 7714 | Martin Flodén,Matilda Kilström,Josef Sigurdsson,et al. DP12270 Household Debt and Monetary Policy: Revealing the Cash-Flow Channel. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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