| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23270 |
| 来源ID | Working Paper 23270 |
| Regional Heterogeneity and Monetary Policy | |
| Martin Beraja; Andreas Fuster; Erik Hurst; Joseph Vavra | |
| 发表日期 | 2017-03-27 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We argue that the time-varying regional distribution of housing equity influences the aggregate consequences of monetary policy through its effects on mortgage refinancing. Using detailed loan-level data, we show that regional differences in housing equity affect refinancing and spending responses to interest rate cuts but that these effects vary over time with changes in the regional distribution of house price growth. We then build a heterogeneous household model of refinancing with both mortgage borrowers and lenders and use it to explore the aggregate implications for monetary policy arising from our regional evidence. We find that the 2008 equity distribution made spending in depressed regions less responsive to interest rate cuts, thus dampening aggregate stimulus and increasing regional consumption inequality, whereas the opposite occurred in some earlier recessions. Taken together, our results strongly suggest that monetary policy makers should track the regional distribution of equity over time. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Monetary Policy ; Regional and Urban Economics ; Regional Economics |
| URL | https://www.nber.org/papers/w23270 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580944 |
| 推荐引用方式 GB/T 7714 | Martin Beraja,Andreas Fuster,Erik Hurst,et al. Regional Heterogeneity and Monetary Policy. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23270.pdf（1772KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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