One Size Fits All? Monetary Policy and Asymmetric Household Debt Cycles in U.S. States
研究了货币政策通过美国各州家庭债务差异产生的非线性效应，发现货币政策效果在家庭债务失衡严重时受限，且统一政策对各州经济影响不对称，尤其在大衰退期间。
Abstract I investigate the nonlinear effects of monetary policy through differences in household debt across U.S. states. After constructing a novel indicator of inflation for the states, I compute state‐specific monetary policy stances as deviations from an aggregate Taylor rule. I find that the effectiveness of monetary policy is curtailed during periods of large household debt imbalances. Moreover, a common U.S. monetary policy does not fit all ; it may have asymmetric effects on the economic performance across states, particularly at times of high dispersion in the household debt imbalances, as it may have been the case around the Great Recession.