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Asymmetric Effects of Interest Rate Changes: The Role of the Consumption-Wealth Channel

[Zeitschriftenartikel]

MacDonald, Garry; Mullineux, Andrew; Sensarma, Rudra

Zitationshinweis

Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-242639

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Abstract Abstract This paper examines the role of the consumption-wealth channel in explaining asymmetric effects of monetary policy changes. Towards this end, we draw upon available literature on the consumption function and behavioural finance to construct a framework for asymmetric effects of monetary policy caused by the impact of wealth changes on aggregate consumption. We then employ data from the UK to examine the validity of the proposed framework. In the context of a liberalized economy with easy access to consumer credit, wealth reduction due to monetary tightening is expected to have weaker impact on spending than increase in wealth. Our results validate the above hypothesis.
Klassifikation Volkswirtschaftstheorie
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe S. 1991-2001
Zeitschriftentitel Applied Economics (2009)
DOI http://dx.doi.org/10.1080/00036840902950572
ISSN 1466-4283
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)
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