This study assesses a new mechanism — the deposit channel — in the transmission of interest rate shock to household consumption using an administrative panel dataset of financial transactions for Turkey. Our empirical strategy exploits variation in consumer's adherence to the Muslim laws that forbid earning interest and employs a standard difference-in-difference design. Following an unanticipated announcement of interest rate hike, rate-sensitive consumers significantly reduce their overall spending and the response persists throughout the post-announcement period. The response of debt payment, disparate exposure to inflation, and exchange rate, the demographic difference can hardly fully account for the documented consumption response heterogeneity.

中文翻译：

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利率传递与消费反应：存款渠道

本研究使用土耳其金融交易的行政面板数据集评估了利率冲击向家庭消费传递的新机制——存款渠道。我们的实证策略利用了消费者遵守禁止赚取利息的穆斯林法律的变化，并采用了标准的差异设计。在意外宣布加息后，对利率敏感的消费者显着减少了他们的整体支出，并且在整个宣布后期间，这种反应持续存在。债务支付的反应、对通货膨胀的不同敞口和汇率、人口差异很难完全解释记录在案的消费反应异质性。