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High Household Debt and the Transmission of Monetary Policy: A Canadian Case Study

Sanderson, Ian Rae
Master thesis
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https://hdl.handle.net/11250/2827254
Date
2021
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  • Master of Science [1116]
Abstract
This thesis investigates whether the transmission of monetary policy in Canada is affected

by the level of household indebtedness. The answer to this has remained distinctly

unclear in the literature across countries. Further, rising levels of household debt in

Canada has created financial stability concerns for many policy makers. Using state

dependent local projections, I show no significant non-linearity in the responses of key

macroeconomic variables to contractionary monetary policy shocks. My analysis

provides insights into the sensitivity of empirical analysis in the literature to detrending

methods and shock specifications. I point to potential explanations for these results

through the home equity loan channel and the structure of the mortgage market in

Canada.
Description
Masteroppgave(MSc) in Master of Science in Applied Economics - Handelshøyskolen BI, 2021
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Handelshøyskolen BI

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