The Transmission of Monetary Policy under the Microscope
利用挪威全国家庭行政数据，研究货币政策如何通过利率暴露和收入变化影响不同流动性家庭的消费，发现低流动性和高流动性家庭的消费反应均显著。
We investigate the transmission of monetary policy to household consumption using administrative data on the universe of households in Norway. On the basis of identified monetary policy shocks, we estimate the dynamic responses of consumption, income, and saving along the liquid asset distribution of households. For low-liquidity but also for high-liquidity households, changes in disposable income are associated with a sizable consumption reaction. The impact consumption response is closely linked to interest rate exposure, which is negative at the bottom but positive at the top of the distribution. Indirect effects of monetary policy gradually build up and eventually outweigh the direct effects.