Using household survey data for the US and the UK, we show that the aggregate response
of consumption to interest rate changes is driven by households with a mortgage. Outright …

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 …

We estimate the “unhedged interest rate exposure”(URE) of euro area households. The
URE, defined by Auclert (2019), is a welfare metric that captures the extent to which …

This paper considers 1244 estimates of marginal propensities to consume (MPC) out of
stimulus checks and other small transitory or predictable payments. The mean quarterly …

Using a representative sample of credit card holders from a leading Chinese commercial
bank, we investigate how consumers respond to an unexpected interest rate decrease that …

ABSTRACT I show that households work and earn more (less) when their floating‐rate
mortgage payments quasi‐exogenously increase (decrease). The response is sizable and …

There is an anomaly of “the more regulation, the more rise” in China's housing market before
2017. However, the anomaly seems to have reversed since 2017. To analyze the …

Households play an important role in the economy. Households are the most important
decision-making agents that drive consumption and savings in the economy. The savings …

Purpose The issue of housing affordability is a serious concern, as it affects households'
ability to cover housing expenses without sacrificing other essential needs. However …

We study the two-way relationship between fixed-rate mortgages (FRMs) and monetary
policy in a panel of up to 35 countries over the last two decades. The dataset includes …