bank's objective function, targeting rules, interest rate rules, and household welfare. Employing the estimated model, the …

unique panel dataset of household's credit and debit card spending, ATM withdrawals, financial investments into risky assets …. These results highlight how the heterogeneity in contract design and household wealth affects the monetary policy pass-through …

This study investigates the interrelation between the household leverage cycle, collateral constraints, and monetary … policy. Using data on the U.S. economy, we find that a contractionary monetary policy shock leads to a large and significant … fall in economic activity during periods of household deleveraging. In contrast, monetary policy shocks only have …