Household Debt Overhang and Transmission of Monetary Policy
研究美国经济中家庭债务水平如何影响货币政策传导机制，发现高债务时期货币政策对GDP、消费、住房投资等变量的冲击效果减弱，并通过模型解释其原因为房屋净值贷款渠道的弱化。
Abstract We investigate how the level of household indebtedness affects the monetary transmission mechanism in the U.S. economy. Using state‐dependent local projection methods, we find that the effects of monetary policy are less powerful during periods of high household debt. In particular, the impact of monetary policy shocks is smaller on GDP, consumption, residential investment, house prices, and household debt during a high‐debt state. We then build a partial equilibrium model of borrower households with financial constraints to rationalize these facts. The model points to the weakening of the home equity loan channel as a possible reason for the decline in monetary policy effectiveness when initial debt levels are high.