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Asymmetric Effects of Interest Rate Changes: The Role of the Consumption-Wealth Channel
[Zeitschriftenartikel]
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 po... mehr
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.... weniger
Klassifikation
Volkswirtschaftstheorie
Sprache Dokument
Englisch
Publikationsjahr
2009
Seitenangabe
S. 1991-2001
Zeitschriftentitel
Applied Economics (2009)
DOI
https://doi.org/10.1080/00036840902950572
ISSN
1466-4283
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)