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首页> 外文期刊>The Review of Economic Studies >Monetary Policy when Households have Debt:New Evidence on the Transmission Mechanism
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Monetary Policy when Households have Debt:New Evidence on the Transmission Mechanism

机译：家庭有债务的货币政策：传输机制的新证据

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摘要

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 directly affect firm investment and household consumption,boosting aggregate demand.A crucial difference between the housing tenure groups is the composition of their balance sheets:mortgagors hold sizable illiquid assets but little liquid wealth.Our results reveal that general equilibrium effects on household income coupled with balance-sheet-driven heterogeneity in the marginal propensity to consume play a key role in the transmission of monetary policy.
机译：使用家庭调查数据为USAND UK，我们表明消费对利率变化的总响应是由抵押贷款的家庭驱动。租用者在租房改变支出但不得不调整支出但是 抵押师。作为利率削减的所有家庭的抵押贷款直接影响了公司的投资和家庭消费，促进了总需求。住房任期组之间的关键差异是其资产负债表的构成：抵押师持有相当大的液体财产。 结果表明，普通均衡对家庭收入的均衡效应加上利平倾向的边际倾向，在货币政策的传播中发挥着关键作用。

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