Málstofa um skuldir heimila og peningastefnu
Málstofa um skuldir heimila og peningastefnu verður haldin í Seðlabanka Íslands í dag, þriðjudaginn 19. maí kl. 11. Málshefjandi er Jósef Sigurðsson, doktorsnemi við Stokkhólmsháskóla og fyrrverandi starfsmaður Seðlabanka Íslands.
Gengið er inn frá Arnarhóli og er málstofan í fyrirlestrarsalnum Sölvhóli.
Heiti erindis Jósefs er: Household debt and monetary policy: revealing the income channel.
Hér má finna ágrip erindisins:
We reveal an important transmission channel of monetary policy: the income channel. For households that hold debt with adjustable interest rates, monetary policy will have a direct and immediate effect on their interest rate expenses and therefore their disposable income. If households are borrowing-constrained and unable to smooth consumption, they will respond by adjusting their spending. Using administrative microdata for Sweden – a country with high prevalence of adjustable-rate mortgages – we estimate household consumption responses to monetary policy. We test whether consumption among households that are more likely to be borrowing-constrained is more responsive to monetary policy. We find that households with higher loan-to-income levels – a measure of the likelihood of being borrowing-constrained – reduce consumption more when faced with unanticipated increases in interest expense. The results suggest that monetary policy can have heterogeneous effects on consumption across households via the income channel.
Á málstofunni mun Jósef Sigurðsson, sem stundar doktorsnám við Stokkhólmsháskóla, fjalla um þetta efni.
Sjá hér nánari upplýsingar um málstofur á vegum Seðlabanka Íslands.