State-Dependent Effects of Monetary Policy: The Refinancing Channel
نویسندگان
چکیده
This paper studies how the impact of monetary policy depends on distribution savings from refinancing mortgages. We show that efficacy is state dependent, varying in a systematic way with pool potential refinancing. construct quantitative dynamic life-cycle model accounts for our findings and use it to study response consumption change mortgage rates These effects are strongly dependent. also long period low interest potency policy. find this substantially reduced both during substantial amount time after renormalize. (JEL D15, E21, E43, E52, G21, G51, R31)
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ژورنال
عنوان ژورنال: The American Economic Review
سال: 2022
ISSN: ['2640-205X', '2640-2068']
DOI: https://doi.org/10.1257/aer.20191244