James Cloyne
Firms' Price, Cost and Activity Expectations: Evidence from Micro Data
Estimating the Elasticity of Intertemporal Substitution Using Mortgage Notches
Using a novel source of quasi-experimental variation in interest rates, we develop a new approach to estimating the Elasticity of Intertemporal Substitution (EIS). In the U.K., the …
Monetary Policy when Households Have Debt: New Evidence on the Transmission Mechanism
Using household survey data for the U.S. and the U.K., we show that the aggregate response of consumption to interest rate changes is driven by households with a mortgage. Outright …
The Effect of House Prices on Household Borrowing: A New Approach
We investigate the effect of house prices on household borrowing using administrative mortgage data from the United Kingdom and a new empirical approach. The data contain …
Brexit: New Evidence and Policy Perspectives
Fiscal Studies: Volume 39, Issue 4 Special Issue on Brexit: New Evidence and Policy Perspectives Pages: 543-706 December 2018
Household Debt and the Dynamic Effects of Income Tax Changes
Using a new narrative measure of fiscal policy shocks for the U.K., we show that households with mortgage debt exhibit large and significant consumption responses to tax changes. …
The Effect of Unconventional Monetary Policy on Inflation Expectations: Evidence from Firms in the UK
This paper investigates the effect of quantitative easing (QE) and other unconventional monetary policies on price and wage growth expectations of UK manufacturing firms. To …