This study investigates the interrelation between the household leverage cycle, collateral constraints, and monetary … fall in economic activity during periods of household deleveraging. In contrast, monetary policy shocks only have … insignificant effects during a household leveraging state. These results are robust to alternative definitions of leveraging and …

This paper discusses the evolution of the household debt in Australia and finds that while higher-income and higher … depending on the level of household debt. The results corroborate other work that households' response to monetary policy shocks …

This paper studies the impact of household indebtedness on the consumption channel of monetary policy using the Chinese … household-level survey data. We employ a panel smooth transition regression model to investigate the non-linear role of … there is a much larger counteraction of consumption in response to monetary policy shocks when household indebtedness …