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Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism

Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism

https://devfeature-collection.sl.nsw.gov.au/record/TN_cdi_crossref_primary_10_1093_restud_rdy074

Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism

About this item

Full title

Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism

Publisher

Oxford University Press

Journal title

The Review of economic studies, 2020-01, Vol.87 (1 (312)), p.102-129

Language

English

Formats

Publication information

Publisher

Oxford University Press

More information

Scope and Contents

Contents

Using household survey data for the U.S. and the U.K., we show that the aggregate response of consumption to interest rate changes is driven by households with a mortgage. Outright home-owners do not adjust expenditure at all while renters change their spending but by less than mortgagors. Income rises for all households as interest rate cuts direc...

Alternative Titles

Full title

Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism

Authors, Artists and Contributors

Identifiers

Primary Identifiers

Record Identifier

TN_cdi_crossref_primary_10_1093_restud_rdy074

Permalink

https://devfeature-collection.sl.nsw.gov.au/record/TN_cdi_crossref_primary_10_1093_restud_rdy074

Other Identifiers

ISSN

0034-6527

E-ISSN

1467-937X

DOI

10.1093/restud/rdy074

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