Gelos, Gaston; Grinberg, Federico; Mancini Griffoli, Tommaso - 2019
changes in monetary transmission to changes in household indebtedness and liquidity. The results show that the responsiveness …. Households with higher debt levels and lower shares of liquid assets are the most responsive to monetary policy, and the share of … these households in the population grew. Other factors, such as economic uncertainty, appear to have played a bigger role in …