Interest Rate Pass-Through and Consumption Response: The Deposit Channel
利用土耳其行政面板数据，通过消费者是否遵守禁止利息的伊斯兰教法差异，识别利率冲击通过存款渠道影响家庭消费的新机制。
Abstract This study assesses a new mechanism, the deposit channel, in the transmission of interest rate shock to household consumption using an administrative panel data set of financial transactions for Turkey. Our empirical strategy exploits variation in consumers' adherence to the Islamic laws that forbid earning interest and employs a standard difference-in-difference design. Following an unanticipated announcement of interest rate hike, rate-sensitive consumers significantly reduce their overall spending, and the response persists throughout the post-announcement period. The response of debt payment, disparate exposure to inflation, exchange rate, and the demographic difference can hardly fully account for the documented consumption response heterogeneity.