The Impact of Monetary Policy on Household Borrowing - a High-Frequency IV Identification

Autor:	Maria C. Sandström
Rok vydání:	2018
Předmět:	Identification (information) Shock (economics) Financial market Monetary policy Economics Percentage point Monetary economics health care economics and organizations Stock (geology)
Zdroj:	SSRN Electronic Journal.
ISSN:	1556-5068
DOI:	10.2139/ssrn.3263467
Popis:	This paper combines identification of monetary policy shocks from high-frequency financial market data with local projections IV to study the effects of monetary policy on household borrowing using Swedish data. The results are uncertain but indicate that the stock of household loans is 1.6 percent lower two years after a 1 percentage point shock to the repo rate. This is a relatively modest effect considering that the stock of household loans on average grew by 7.8 percent per year over this period.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::37873bc8c90d55c85062cd6ae822b3ef https://doi.org/10.2139/ssrn.3263467 Zobrazit plný text záznamu