| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13223 |
| DP13223 State Dependent Effects of Monetary Policy: the Refinancing Channel | |
| Martin Eichenbaum; Sérgio Rebelo; Arlene Wong | |
| 发表日期 | 2018-10-07 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper studies how the impact of monetary policy depends on the dis- tribution of savings from refinancing mortgages. We show that the efficacy of monetary policy is state dependent, varying in a systematic way with the pool of potential savings from refinancing. We construct a quantitative dynamic life-cycle model that accounts for our findings and use it to study how the response of consumption to a change in mortgage rates depends on the distribution of savings from refinancing. These effects are strongly state dependent. We also use the model to study the impact of a long period of low interest rates on the potency of monetary policy. We find that this potency is substantially reduced both during the period and for a substantial amount of time after interest rates renormalize. |
| 主题 | Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy State dependency Refinancing Mortgages |
| URL | https://cepr.org/publications/dp13223-1 |
| 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/542031 |
| 推荐引用方式 GB/T 7714 | Martin Eichenbaum,Sérgio Rebelo,Arlene Wong. DP13223 State Dependent Effects of Monetary Policy: the Refinancing Channel. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
