The Distribution of Households' Indebtedness and the Transmission of Monetary Policy
成果类型：
Article
署名作者：
Cumming, Fergus; Hubert, Paul
署名单位：
Bank of England; European Central Bank; Bank of France; Institut d'Etudes Politiques Paris (Sciences Po)
刊物名称：
REVIEW OF ECONOMICS AND STATISTICS
ISSN/ISSBN：
0034-6535
DOI：
10.1162/rest_a_01094
发表日期：
2023-09
页码：
1304-1313
关键词：
摘要：
We investigate whether the dynamic response of aggregate consumption to monetary policy depends on the distribution of household debt relative to income. Using U.K. loan-level microdata, we propose a novel approach to isolate the fraction of households with a limited ability to smooth consumption. By exploiting time and cross-sectional variation, we show that consumption responds more to monetary policy when the share of highly indebted households is large, but find no state contingency with respect to the overall level of debt-to-income. Our results highlight the role of household heterogeneity for understanding monetary transmission to aggregate consumption.
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