This paper studies how the impact of monetary policy depends on the distribution of savings from refinancing mortgages. We show that the efficacy of monetary policy is state dependent, varying in a systematic way with the pool of potential savings from refinancing. We construct a quantitative dynamic life-cycle model that accounts for our findings and use it to study how the response of consumption to a change in mortgage rates depends on the distribution of savings from refinancing. These effects are strongly state dependent. We also use the model to study the impact of a long period of low interest rates on the potency of monetary policy. We find that this potency is substantially reduced both during the period and for a substantial amount of time after interest rates renormalize. (JEL D15, E21, E43, E52, G21, G51, R31)

中文翻译：

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货币政策的国家依赖效应：再融资渠道

本文研究货币政策的影响如何取决于再融资抵押贷款的储蓄分配。我们表明，货币政策的效力取决于国家，并随着再融资的潜在储蓄池而系统地变化。我们构建了一个定量动态生命周期模型来解释我们的发现，并用它来研究消费对抵押贷款利率变化的反应如何取决于再融资储蓄的分布。这些影响强烈依赖于状态。我们还使用该模型来研究长期低利率对货币政策效力的影响。我们发现，在利率重新正常化后的这段时间内和相当长的时间内，这种效力都会大大降低。(JEL D15、E21、E43、E52、G21、G51、R31)