Household Debt and Monetary Policy: Revealing the Cash-Flow Channel
利用瑞典家庭资产负债表和消费支出的行政数据，研究发现货币政策通过影响家庭现金流来传导：利率上升1个百分点，有债家庭消费额外下降0.23-0.55个百分点，尤其对浮动利率贷款家庭影响更大。
Abstract We examine the effect of monetary policy on household spending when households are indebted and interest rates on outstanding loans are linked to short-term interest rates. Using administrative data on balance sheets and consumption expenditure of Swedish households, we reveal the cash-flow transmission channel of monetary policy. On average, indebted households reduce consumption spending by an additional 0.23–0.55 percentage points in response to a one-percentage-point increase in the policy rate, relative to a household with no debt. We show that these responses are driven by households that have some or a large share of their debt in contracts where interest rates vary with short-term interest rates, such as adjustable-rate mortgages (ARMs), which implies that monetary policy shocks are quickly passed through to interest expenses.