The Distribution of Households' Indebtedness and the Transmission of Monetary Policy
利用英国贷款级微观数据，研究家庭债务分布如何影响货币政策对总消费的传导，发现高负债家庭占比高时消费对政策反应更强，但总债务收入比无此效应。
Abstract We investigate whether the dynamic response of aggregate consumption to monetary policy depends on the distribution of household debt relative to income. Using U.K. loan-level microdata, we propose a novel approach to isolate the fraction of households with a limited ability to smooth consumption. By exploiting time and cross-sectional variation, we show that consumption responds more to monetary policy when the share of highly indebted households is large, but find no state contingency with respect to the overall level of debt-to-income. Our results highlight the role of household heterogeneity for understanding monetary transmission to aggregate consumption.