Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging
利用可调利率抵押贷款重设时间差异，发现月供大幅下降显著刺激汽车购买，但自愿去杠杆削弱此效应；低收入和低房产净值家庭边际消费倾向更高，抵押合同刚性影响货币政策传导。
Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that a sizable decline in mortgage payments (up to 50 percent) induces a significant increase in car purchases (up to 35 percent). This effect is attenuated by voluntary deleveraging. Borrowers with lower incomes and housing wealth have significantly higher marginal propensity to consume. Areas with a larger share of ARMs were more responsive to lower interest rates and saw a relative decline in defaults and an increase in house prices, car purchases, and employment. Household balance sheets and mortgage contract rigidity are important for monetary policy pass-through.