G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w25152
来源IDWorking 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
URLhttps://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
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Martin Eichenbaum]的文章
[Sergio Rebelo]的文章
[Arlene Wong]的文章
百度学术
百度学术中相似的文章
[Martin Eichenbaum]的文章
[Sergio Rebelo]的文章
[Arlene Wong]的文章
必应学术
必应学术中相似的文章
[Martin Eichenbaum]的文章
[Sergio Rebelo]的文章
[Arlene Wong]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w25152.pdf
格式: Adobe PDF
此文件暂不支持浏览

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。