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Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
Working Paper No. 20/2024
Verlag: 
Norges Bank, Oslo
Zusammenfassung: 
We present novel findings on the impact of monetary policy on consumer spending behavior using a newly assembled high-frequency household expenditure panel. Leveraging comprehensive weekly electronic transaction-level data for all individuals in Norway over 13 years, our study sheds light on the high-frequency consumption response to monetary policy through changes in fast-moving net interest expenses. We employ several identification strategies, including household-specific interest rate shocks arising from a natural experiment and high-frequency monetary policy instruments. We find a substantial shortrun consumption response to changes in interest payments. Relative to households with no interest exposure, households at the 90th percentile cut consumption by 1 - 1.5 percent of income within a year of a 1 percentage point policy rate hike. Our results imply a substantial marginal propensity to consume out of net interest payments, and they indicate the presence of a strong cash-flow channel of monetary policy.
Schlagwörter: 
Monetary policy transmission
Household Consumption
Debt
Interest rates
Marginal propensity to consume
High frequency
JEL: 
D12
D31
E21
E43
E52
G51
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ISBN: 
978-82-8379-349-9
Creative-Commons-Lizenz: 
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Dokumentart: 
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