.6 percentage points in Switzerland. The response of non-housing consumption in Switzerland is less heterogeneous across renters and …

points in Switzerland. The response of non-housing consumption in Switzerland is less heterogeneous across renters and …

.6 percentage points in Switzerland. The response of non-housing consumption in Switzerland is less heterogeneous across renters and …

.6 percentage points in Switzerland. The response of non-housing consumption in Switzerland is less heterogeneous across renters and …

points in Switzerland. The response of non-housing consumption in Switzerland is less heterogeneous across renters and …

consumption. We conclude that to properly understand the monetary transmission mechanism and its changing nature over time, we …

We study the mortgage cash flow channel of monetary policy transmission under fixed-rate mortgage (FRM) versus … adjustable-rate mortgage (ARM) regimes by comparing the United States with primarily long-term FRMs and Spain with primarily ARMs … that automatically reset annually. We find a robust transmission of mortgage rate changes to spending in both countries but …

mortgage rates and government bonds? Using a structural VAR approach, we find that mortgage spread shocks impact the real … increase in consumption, residential investment and GDP by 1.6 percent, 6.2 percent and 1.9 percent, respectively. These …

consumption. We conclude that to properly understand the monetary transmission mechanism and its changing nature over time, we …