Article-Journal

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 Macroeconomic Effects of Monetary Policy: A New Measure for the United Kingdom

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 …

An Empirical Sectoral Model of Unconventional Monetary Policy: The Impact of QE

This paper describes a sectoral empirical model of money and credit in the UK that can be used for analysing unconventional monetary policies that affect banks’ balance sheets. The …

Discretionary Tax Changes and the Macroeconomy: New Narrative Evidence from the United Kingdom

This paper provides new estimates of the macroeconomic effects of tax changes using a new narrative dataset for the United Kingdom. Identification is achieved by isolating …