American Economic Review · 2022 · Martin Eichenbaum、Sergio Tavares Rebelo、Arlene Wong
中文摘要
本文研究货币政策的效应如何取决于抵押贷款再融资所节省资金的分布。我们表明，货币政策的效力具有状态依赖性，随着再融资潜在节省资金池的不同而呈现系统性变化。我们构建了一个能够解释我们发现的定量动态生命周期模型，并用其研究消费对抵押贷款利率变化的反应如何取决于再融资所节省资金的分布。这些效应具有强烈的状态依赖性。我们还使用该模型研究长期低利率时期对货币政策效力的影响。我们发现，无论是在该时期之内，还是在利率恢复正常后的相当长一段时间内，这一效力都大幅下降。(JEL D15, E21, E43, E52, G21, G51, R31)
Abstract
This paper studies how the impact of monetary policy depends on the distribution of savings from refinancing mortgages. We show that the efficacy of monetary policy is state dependent, varying in a systematic way with the pool of potential savings from refinancing. We construct a quantitative dynamic life-cycle model that accounts for our findings and use it to study how the response of consumption to a change in mortgage rates depends on the distribution of savings from refinancing. These effects are strongly state dependent. We also use the model to study the impact of a long period of low interest rates on the potency of monetary policy. We find that this potency is substantially reduced both during the period and for a substantial amount of time after interest rates renormalize. (JEL D15, E21, E43, E52, G21, G51, R31)