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Household Debt, Consumption, and Monetary Policy in Australia
by Elena Loukoianova, Yu Ching Wong, and Ioana Hussiada

Series:Working Paper No. 19/76
ISBN 9781498303767
Code: #WPIEA2019076

Publication year: 2019

Cdn: $27.00; US: $25.00
Paperback
Language: English
39 pages
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This paper discusses the evolution of the household debt in Australia and finds that while higher-income and higher-wealth households tend to have higher debt, lower-income households may become more vulnerable to rising debt service over time. Then, the paper analyzes the impact of a monetary policy shock on households’ current consumption and durable expenditures depending on the level of household debt. The results corroborate other work that households’ response to monetary policy shocks depends on their debt and income levels. In particular, households with higher debt tend to reduce their current consumption and durable expenditures more than other households in response to a contractionary monetary policy shocks. However, households with low debt may not respond to monetary policy shocks, as they hold more interest-earning assets.
Household Debt, Consumption, and Monetary Policy in Australia
Cdn: $27.00; US: $25.00
International Monetary Fund (IMF) BookID: 124751 Added: 2019.4.6