How Do Interest Rates Affect Consumption? Household Debt and the Role of Asset Prices
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This paper estimates how rate cuts increase consumption, via debt and asset prices. Using administrative UK data on mortgages and consumption, we exploit the expiry of fixed-rate mortgages to construct six million household-level natural experiments. A 1pp reduction in mortgage rates raises
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美国国家经济研究局创建时间：
2026-03-01
