Styrräntans effekter på hushållens aggregerade konsumtionsutgifter

Sammanfattning: Through the transmission mechanism, key interest rates will have a tangible impact on the economy, encompassed by the aggregate consumption expenditure of households. The purpose of the study is to investigate more closely the mechanisms by which the policy rate will affect households aggregate consumption and the consequences that the policy rate will have on household consumption expenditure. In order to carry out the study, an inductive method is used where the results from previous research in the area concerned have since been compared with the theoretical framework.   The policy rates will, via the various channels of the transmission mechanism, affect the household´s propensity for consumption. An example is the policy rate outcome on market interest rates (via the interest rate channel), which will make an impact on households disposable income through the cashflow channel. Another example is how interest rates through the interest rate channel have an impact on households net worth, a factor that plays a significant role in how households choose to plan their consumption expenditures. Changes in the policy rate will also influence the inflation expectations of households, the exchange rate and the credit channel. Other indirect effects of policy rate changes include the emergence of income- and substitution effects in consumption, its influence on how the existing human capital is priced and the emergence of redistribution effects among lenders and borrowers. The characteristics of households, such as life situation, age segment, debt ratio and median income, will also play a central role in how households choose to dispose of their consumption expenditure. The survey finds that the overall effect of real interest rate changes on household consumption is ambiguous. Regardless of whether the intertemporal substitution effect seems to dominate in practice, the general mood in the economy as well as the personal circumstances of households will play a decisive role in the actual outcomes.