Replication data for: Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging

Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that a sizable decline in mortgage payments (up to 50 percent) induces a significant increase in car purchases (up to 35 percent). This effect is attenuated by voluntary deleveraging. Borrowers with lower incomes and housing wealth have significantly higher marginal propensity to consume. Areas with a larger share of ARMs were more responsive to lower interest rates and saw a relative decline in defaults and an increase in house prices, car purchases, and employment. Household balance sheets and mortgage contract rigidity are important for monetary policy pass-through.

本研究利用可调利率抵押贷款（adjustable-rate mortgages, ARMs）的重置时点差异展开分析，结果显示：抵押贷款还款额的大幅下降（最高可达50%）会促使汽车购买量显著提升（最高增幅达35%）。该效应会因自愿去杠杆而有所减弱。收入与住房财富较低的借款者，其边际消费倾向显著更高。可调利率抵押贷款占比更高的地区，对利率下调的反应更为显著，这些地区的违约率相对下降，同时房价、汽车购买量与就业率均出现上升。家庭资产负债表与抵押贷款合同的刚性，对于货币政策传导至关重要。