| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25152 |
| 来源ID | Working Paper 25152 |
| State Dependent Effects of Monetary Policy: the Refinancing Channel | |
| Martin Eichenbaum; Sergio Rebelo; Arlene Wong | |
| 发表日期 | 2018-10-15 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper studies how the impact of monetary policy depends on the distribution 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 ; Monetary Policy ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w25152 |
| 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/582825 |
| 推荐引用方式 GB/T 7714 | Martin Eichenbaum,Sergio Rebelo,Arlene Wong. State Dependent Effects of Monetary Policy: the Refinancing Channel. 2018. |
| 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 | ||
| w25152.pdf（1417KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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