G2TT
来源类型Discussion paper
规范类型论文
来源IDDP12270
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
URLhttps://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.
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