No. 1509 - Household borrowing and monetary policy transmission: post-pandemic insights from nine European credit registers

Temi di discussione (Working papers)
by De Jonghe, Benkovskis, Bielskis, Bonfim, Bottero, Briglevics, Cesnak, Dirma, Emiris, Filep-Mosberger, Jouvanceau, Kaiser, Khametshin, Lalinsky, Grolmusz, Moretti, Nikitins, Nunnari, Rodriguez-Moreno, Stefanova, Szabó, Vilerts, Zhao
November 2025
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The paper analyses developments in new household mortgages and consumer credit between 2022 and 2024 in nine euro-area countries. It assesses the pass-through of the ECB's monetary policy decisions to borrowing costs, distinguishing by type of loan, borrower age, and country of residence. The analysis is the result of a collaboration among the national central banks of the countries involved, promoted within the ChaMP research network.

Changes in official interest rates are passed through almost fully and uniformly across countries to the rates on new mortgages. In the case of consumer credit, however, the pass-through is on average partial and more heterogeneous. The pass-through is stronger for younger borrowers in the case of mortgages, while for consumer credit it is more pronounced among older borrowers.

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  1. 18 November 2025
    No. 1509 - Household borrowing and monetary policy transmission: post-pandemic insights from nine European credit registers
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  2. 18 November 2025
    Appendix
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