to account for anticipation effects on consumption. We investigate this using high-frequency spending and balance sheet … bank sends a letter before the annual reset containing advance information on the expected change in mortgage payments. We … with a standard buffer-stock consumption model, and implies that it is less effective to target stimulus to low liquidity …

-in-differences analysis shows that compared with homeowners without mortgage obligations, mortgagors increased their monthly credit card … spending by 7.2% after the 230bps mortgage rate reduction announced in September 2008. We find a significant spending response … after the mortgage rate reset. Subsequent to an interest-rate-increase episode, mortgagors symmetrically reduced their …

mechanism by estimating the impact of deposit rate on consumption to GDP ratio in emerging market economies. The study considers … estimating the impact of rate of interest on one of the significant components of aggregate demand, i.e., household consumption …

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 …

We revisit the transmission mechanism of monetary policy for household consumption in a Heterogeneous Agent New … intertemporal substitution drives virtually all of the transmission from interest rates to consumption …

This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables … using a tractable, searchtheoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model …

Mortgage loans are a striking example of a persistent nominal rigidity. As a result, under incomplete markets, monetary … policy affects decisions through the cost of new mortgage borrowing and the value of payments on outstanding debt. Observed …

affect housing investment and the economy through the cost of new mortgage borrowing and real payments on outstanding debt …