The DOI matches its Crossref record; 62 of the 62 references it cites were found in a registry or an index.
Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism
Abstract
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.
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Cites
Kiyotaki, N., & Moore, J. (1997) · Journal of Political Economy · doi:10.1086/262072 · Cited by 4,694
House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle
Iacoviello, M. (2005) · American Economic Review · doi:10.1257/0002828054201477 · Cited by 2,476
Monetary Policy Shocks: What Have We Learned and to What End?
Christiano, L., Eichenbaum, M., & Evans, C. (1998) · National Bureau of Economic Research · doi:10.3386/w6400 · Cited by 2,157
Sticky Prices in the United States
Rotemberg, J. J. (1982) · Journal of Political Economy · doi:10.1086/261117 · Cited by 1,899
Consumption, Income, and Interest Rates: Reinterpreting the Time Series Evidence
Campbell, J. Y., & Mankiw, N. G. (1989) · NBER Macroeconomics Annual · doi:10.1086/654107 · Cited by 1,792
A New Measure of Monetary Shocks: Derivation and Implications
Romer, C. D., & Romer, D. H. (2004) · American Economic Review · doi:10.1257/0002828042002651 · Cited by 1,613
Household Balance Sheets, Consumption, and the Economic Slump*
Mian, A., Rao, K., & Sufi, A. (2013) · The Quarterly Journal of Economics · doi:10.1093/qje/qjt020 · Cited by 1,538
Chapter 2 Monetary policy shocks: What have we learned and to what end?
Christiano, L. J., Eichenbaum, M., & Evans, C. L. (1999) · Handbook of Macroeconomics · doi:10.1016/s1574-0048(99)01005-8 · Cited by 1,479
Monetary Policy Surprises, Credit Costs, and Economic Activity
Gertler, M., & Karadi, P. (2015) · American Economic Journal: Macroeconomics · doi:10.1257/mac.20130329 · Cited by 1,455
Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach*
Eggertsson, G. B., & Krugman, P. (2012) · The Quarterly Journal of Economics · doi:10.1093/qje/qjs023 · Cited by 1,406
Cited by
Gomes, F., Haliassos, M., & Ramadorai, T. (2021) · Journal of Economic Literature · doi:10.1257/jel.20201461 · Cited by 396
CENTRAL BANK POLICIES AND INCOME AND WEALTH INEQUALITY: A SURVEY
Colciago, A., Samarina, A., & de Haan, J. (2019) · Journal of Economic Surveys · doi:10.1111/joes.12314 · Cited by 284
Metadata
- Authors
- Cloyne, J., Ferreira, C., & Surico, P.
- Venue
- The Review of Economic Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2019-01-03
- Volume
- 87
- Issue
- 1
- Pages
- 102-129
- ISSN
- 0034-6527 (ISSN-L)
- 1467-937X
- OpenAlex
- W3125254852
- Cited by
- 336
- References
- 62
- FWCI
- 69.05
- Type
- journal article
- Language
- en
- Open access
- closed
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