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Household Debt Overhang and Transmission of Monetary Policy

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  1. repec:spo:wpmain:info:hdl:2441/5buvtkmlk091prrdje4a0tbkla is not listed on IDEAS
  2. Choi, Sangyup & Shin, Junhyeok & Yoo, Seung Yong, 2022. "Are government spending shocks inflationary at the zero lower bound? New evidence from daily data," Journal of Economic Dynamics and Control, Elsevier, vol. 139(C).
  3. Fergus Cumming & Paul Hubert, 2019. "The role of households' borrowing constraints in the transmission of monetary policy," Working Papers hal-03403257, HAL.
  4. Youngjin Yun & Byoungsoo Cho, 2021. "Is the Monetary Policy Effect Different for Bank Lending to Households and Firms?," GRU Working Paper Series GRU_2021_001, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
  5. Martin Geiger & Marios Zachariadis, 2019. "Assessing Expectations as a Monetary/Fiscal State-Dependent Phenomenon," University of Cyprus Working Papers in Economics 01-2019, University of Cyprus Department of Economics.
  6. Jiaqian Chen & Daria Finocchiaro & Jesper Linde & Karl Walentin, 2023. "The costs of macroprudential deleveraging in a liquidity trap"," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 991-1011, December.
  7. Kim, Jiseob, 2020. "Macroeconomic effects of the mortgage refinance and the home equity lines of credit," Journal of Economic Dynamics and Control, Elsevier, vol. 121(C).
  8. Wu, Tsung-Pao & Zheng, Yi & Wu, Hung-Che & Deng, Ruixin, 2024. "The causal relationship between the COVID-19, Delta and Omicron pandemic and the air transport industry: Evidence from China," Journal of Air Transport Management, Elsevier, vol. 116(C).
  9. Sangyup Choi & Kimoon Jeong & Jiseob Kim, 2024. "Asymmetric Mortgage Channel of Monetary Policy: Refinancing as a Call Option," Working papers 2024rwp-228, Yonsei University, Yonsei Economics Research Institute.
  10. Joo, Hyundo & Park, Seungmoon & So, Inhwan, 2024. "Heterogeneous regional effects of monetary policy: Evidence from Korea," Journal of Asian Economics, Elsevier, vol. 94(C).
  11. William D. Larson & Andrew B. Martinez, 2024. "House Prices, Debt Burdens, and the Heterogeneous Effects of Mortgage Rate Shocks," Working Papers 2024-002, The George Washington University, The Center for Economic Research.
  12. Priya, Pragati & Sharma, Chandan, 2025. "The uncertainty-driven channel of monetary transmission on household consumption: the role of households’ balance sheet positions," International Review of Economics & Finance, Elsevier, vol. 103(C).
  13. Couaillier, Cyril & Scalone, Valerio, 2024. "Risk-to buffer: setting cyclical and structural banks capital requirements through stress test," Working Paper Series 2966, European Central Bank.
  14. Alpanda, Sami & Granziera, Eleonora & Zubairy, Sarah, 2021. "State dependence of monetary policy across business, credit and interest rate cycles," European Economic Review, Elsevier, vol. 140(C).
  15. Kloosterman, Roben & Bonam, Dennis & van der Veer, Koen, 2024. "The effects of monetary policy across fiscal regimes," Journal of Macroeconomics, Elsevier, vol. 81(C).
  16. Max Breitenlechner & Johann Scharler, 2020. "Private Sector Debt, Financial Constraints, and the Effects of Monetary Policy: Evidence from the US," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 82(4), pages 889-915, August.
  17. Geiger, Martin & Zachariadis, Marios, 2022. "Consumers’ Updating, Policy Shocks, And Public Debt: An Empirical Assessment Of State Dependencies," Macroeconomic Dynamics, Cambridge University Press, vol. 26(8), pages 2104-2140, December.
  18. Holm-Hadulla, Fédéric & Pool, Sebastiaan, 2025. "Interest rate control and the transmission of monetary policy," Working Paper Series 3048, European Central Bank.
  19. Priya, Pragati & Sharma, Chandan, 2024. "On transmission channels of energy prices and monetary policy shocks to household consumption: Evidence from India," Energy Economics, Elsevier, vol. 136(C).
  20. Atems, Bebonchu & Sardar, Naafey, 2021. "Exploring asymmetries in the effects of El Niño-Southern Oscillation on U.S. food and agricultural stock prices," The Quarterly Review of Economics and Finance, Elsevier, vol. 81(C), pages 1-14.
  21. Bruno Albuquerque & Martin Iseringhausen & Frederic Opitz, 2026. "The Housing Supply Channel of Monetary Policy," International Journal of Central Banking, International Journal of Central Banking, vol. 22(2), pages 443-523, April.
  22. Ma Eunseong, 2025. "Real Wage Cyclicality and Monetary Policy," The B.E. Journal of Macroeconomics, De Gruyter, vol. 25(2), pages 461-498.
  23. Zhang, Yunqi & Meng, Yu & Zhang, Xiaoyu, 2025. "Household debt overhang and bankruptcy abuse prevention," Journal of Empirical Finance, Elsevier, vol. 84(C).
  24. Lim, Hyunjoon, 2024. "Debt vulnerabilities and house price responses to external shocks," Finance Research Letters, Elsevier, vol. 63(C).
  25. Funke, Michael & Li, Xiang & Zhong, Doudou, 2023. "Household indebtedness, financial frictions and the transmission of monetary policy to consumption: Evidence from China," Emerging Markets Review, Elsevier, vol. 55(C).
  26. Eunseong Ma, 2023. "Monetary Policy And Inequality: How Does One Affect The Other?," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(2), pages 691-725, May.
  27. Andrea Ajello & Nina Boyarchenko & François Gourio & Andrea Tambalotti, 2022. "Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms," Staff Reports 1002, Federal Reserve Bank of New York.
  28. Ivan Jaccard, 2024. "Monetary Asymmetries Without (And With) Price Stickiness," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 65(2), pages 1003-1047, May.
  29. Choi, Sangyup & Shin, Junhyeok, 2023. "Household indebtedness and the macroeconomic effects of tax changes," Journal of Economic Behavior & Organization, Elsevier, vol. 209(C), pages 22-52.
  30. Rünstler, Gerhard & Bräuer, Leonie, 2020. "Monetary policy transmission over the leverage cycle: evidence for the euro area," Working Paper Series 2421, European Central Bank.
  31. Matusche, Alexander & Wacks, Johannes, 2023. "Does wealth inequality affect the transmission of monetary policy?," Journal of Macroeconomics, Elsevier, vol. 75(C).
  32. Giacomo Rella, 2021. "The Fed, housing and household debt over time," Department of Economics University of Siena 850, Department of Economics, University of Siena.
  33. Guo, Fei & Kit-Ming Yan, Isabel & Chen, Tao & Hu, Chun-Tien, 2023. "Fiscal multipliers, monetary efficacy, and hand-to-mouth households," Journal of International Money and Finance, Elsevier, vol. 130(C).
  34. Yun, Youngjin & Cho, Byoungsoo, 2022. "Does monetary policy affect bank lending to households and firms differently?," Economic Modelling, Elsevier, vol. 109(C).
  35. Enzinger, Matthias & Gechert, Sebastian & Heimberger, Philipp & Prante, Franz & Romero, Daniel F., 2025. "The overstated effects of conventional monetary policy on output and prices," I4R Discussion Paper Series 264, The Institute for Replication (I4R).
  36. Roben Kloosterman & Dennis Bonam & Koen van der Veer, 2022. "The effects of monetary policy across fiscal regimes," Working Papers 755, DNB.
  37. Renzhi, Nuobu & Beirne, John, 2025. "The nexus of peer-to-peer lending and monetary policy transmission: Evidence from the People's Republic of China," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
  38. David Finck & Paul Rudel, 2023. "Do credit supply shocks have asymmetric effects?," Empirical Economics, Springer, vol. 64(4), pages 1559-1597, April.
  39. Sardar, Naafey & Sharma, Shahil, 2022. "Oil prices & stock returns: Modeling the asymmetric effects around the zero lower bound," Energy Economics, Elsevier, vol. 107(C).
  40. Chen, Xiaoliang & Guo, Junjie & Zhang, Junming, 2025. "How does aging population affect China's monetary policy effectiveness: Empirical evidence and theoretical analysis," Economic Modelling, Elsevier, vol. 152(C).
  41. Lim, Hyunjoon, 2025. "Do firm and lender characteristics matter in monetary policy transmission? Evidence from Korean loan-level data," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 256-268.
  42. Bruno Albuquerque, 2019. "One Size Fits All? Monetary Policy and Asymmetric Household Debt Cycles in U.S. States," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(5), pages 1309-1353, August.
  43. Chung, Min-Su & Lim, Hyunjoon, 2024. "Transmission of external shocks and regional heterogeneity: Evidence from Korean province-level data," Journal of Asian Economics, Elsevier, vol. 94(C).
  44. Claudio Borio & Boris Hofmann, 2017. "Is Monetary Policy Less Effective When Interest Rates Are Persistently Low?," RBA Annual Conference Volume (Discontinued), in: Jonathan Hambur & John Simon (ed.),Monetary Policy and Financial Stability in a World of Low Interest Rates, Reserve Bank of Australia.
  45. Mirko Abbritti & Juan Equiza-Goñi & Fernando Perez Gracia & Tommaso Trani, 2020. "The effect of oil price shocks on economic activity: a local projections approach," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 44(4), pages 708-723, October.
  46. Martina Cecioni, 2018. "ECB monetary policy and the euro exchange rate," Temi di discussione (Economic working papers) 1172, Bank of Italy, Economic Research and International Relations Area.
  47. Coccia, Samantha & Russo, Alberto, 2025. "Inequality and transmission channels of monetary policy in a macro agent-based model," Economic Modelling, Elsevier, vol. 153(C).
  48. Jan Willem van den End & Paul Konietschke & Anna Samarina & Irina M Stanga, 2025. "Macroeconomic Reversal Rate in a Low Interest Rate Environment," International Journal of Central Banking, International Journal of Central Banking, vol. 21(3), pages 1-68, July.
  49. Teimouri, Sheida & Zietz, Joachim, 2020. "Coping with deindustrialization: A panel study for early OECD countries," Structural Change and Economic Dynamics, Elsevier, vol. 54(C), pages 26-41.
  50. Cloyne, James & Jordà , Òscar & Taylor, Alan M., 2023. "State-Dependent Local Projections: Understanding Impulse Response Heterogeneity," CEPR Discussion Papers 17903, Centre for Economic Policy Research.
  51. Blot, Christophe & Hubert, Paul & Labondance, Fabien, 2024. "The asymmetric effects of monetary policy on stock price bubbles," European Economic Review, Elsevier, vol. 168(C).
  52. Ahmed, Rashad & Borio, Claudio & Disyatat, Piti & Hofmann, Boris, 2024. "Losing traction? The real effects of monetary policy when interest rates are low," Journal of International Money and Finance, Elsevier, vol. 141(C).
  53. Fergus Cumming & Paul Hubert, 2019. "The Role of Households' Borrowing Constraints in the Transmission of Monetary Policy This paper investigates how the transmission of monetary policy to the real economy depends on the distribution of household debt. Using an original loan-level datas," Documents de Travail de l'OFCE 2019-20, Observatoire Francais des Conjonctures Economiques (OFCE).
  54. Deng, Xin & Yu, Mingzhe, 2021. "Does the marginal child increase household debt? – Evidence from the new fertility policy in China," International Review of Financial Analysis, Elsevier, vol. 77(C).
  55. Hyunjoon Lim, 2025. "Responses of Foreign Exchange Market to External Shocks: What Makes Differences?," Open Economies Review, Springer, vol. 36(3), pages 981-999, July.
  56. Auer, Simone & Bernardini, Marco & Cecioni, Martina, 2021. "Corporate leverage and monetary policy effectiveness in the euro area," European Economic Review, Elsevier, vol. 140(C).
  57. Atems, Bebonchu & Yimga, Jules, 2021. "Quantifying the impact of the COVID-19 pandemic on US airline stock prices," Journal of Air Transport Management, Elsevier, vol. 97(C).
  58. Martin Harding & Mathias Klein, 2022. "Monetary policy and household net worth," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 44, pages 125-151, April.
  59. Khuderchuluun Batsukh & Nicolas Groshenny & Naveed Javed, 2025. "Monetary Policy Transmission and Household Indebtedness in Australia," CAMA Working Papers 2025-13, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  60. Alpanda, Sami & Granziera, Eleonora & Zubairy, Sarah, 2021. "State dependence of monetary policy across business, credit and interest rate cycles," European Economic Review, Elsevier, vol. 140(C).
  61. Fei Guo & Isabel Kit-Ming Yan & Tao Chen & Chuntien Hu, 2021. "Fiscal Multiplier, Monetary Shock and Hand-to-Mouth Household," GRU Working Paper Series GRU_2021_025, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
  62. Polyzos, Efstathios, 2022. "Examining the asymmetric impact of macroeconomic policy in the UAE: Evidence from quartile impulse responses and machine learning," The Journal of Economic Asymmetries, Elsevier, vol. 26(C).
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