– can be related to the resilience of employment, which supported households’ disposable income. In addition, the sound … situation of households and firms and the absence of great structural imbalances prior to the crisis supported general economic …

. 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 … the decline of households' responsiveness to monetary policy …