We investigate the transmission of monetary policy to household consumption using administrative data on the universe of households in Norway. On the basis of identified monetary policy shocks, we estimate the dynamic responses of consumption, income, and saving along the liquid asset distribution of households. For low-liquidity but also for high-liquidity households, changes in disposable income are associated with a sizable consumption reaction. The impact consumption response is closely linked to interest rate exposure, which is negative at the bottom but positive at the top of the distribution. Indirect effects of monetary policy gradually build up and eventually outweigh the direct effects.

中文翻译：

---

显微镜下的货币政策传导

我们使用挪威家庭范围的行政数据调查货币政策对家庭消费的传导。在确定的货币政策冲击的基础上，我们估计了消费、收入和储蓄随着家庭流动资产分配的动态响应。对于低流动性和高流动性家庭而言，可支配收入的变化与相当大的消费反应有关。影响消费反应与利率敞口密切相关，在分布的底部为负，在分布的顶部为正。货币政策的间接效应逐渐增强并最终超过直接效应。