Gelos, Gaston; Grinberg, Federico; Mancini Griffoli, Tommaso - 2019
deteriorating household balance sheets? This paper examines the question using household data from the United States. It compares … the responsiveness of household consumption to monetary policy shocks in the pre- and post-crisis periods, relating … changes in monetary transmission to changes in household indebtedness and liquidity. The results show that the responsiveness …