What is the role of the financial sector in explaining business cycles? This question is as old
as the field of macroeconomics, and an extensive body of research conducted since the …

The responsiveness of aggregate expenditure to shocks depends on the level and interest
rate sensitivity (duration) of household debt, as well as on the liquidity of the assets it …

Some households are less resilient to financial shocks than others. This may be because
they have low levels of savings, have limited access to affordable credit, already hold high …

How well equipped are today's macroprudential regimes to deal with a rerun of the factors
that led to the global financial crisis? To address the factors that made the last crisis so …

We begin with a summarized and simplified account of the regulatory reforms undertaken by
international policymakers over the past decade. 2 Our account partitions reform efforts into …

We consider a model to detect the relation between household debt and the transmission of
monetary policy in an EU Member State with independent monetary policy and high income …

Much is right with Swedish macroprudential policy. But regarding risks associated with
household debt, the policy does not pass a cost-benefit test. The substantial credit tightening …

This paper investigates the potentially non-linear relation between households'
indebtedness and their consumption. To do so, we use panel data from the two waves of the …

We use UK transaction-level data during the Covid-19 pandemic to study whether mortgage
payment holidays (PH) can act as a mechanism for smoothing household consumption …

Using data on the universe of housing transactions in England and Wales over a 20-year
period, we document that sale prices and selling propensities are affected by house prices …