Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging

[1 ]Harvard Business School, Baker Library 265, Boston, MA 02163 (email: )

[2 ]Hass School of Business, UC Berkeley, F-614, Berkeley, CA 94720 (email: )

[3 ]Wharton School, University of Pennsylvania, 1461 Steinberg-Dietrich Hall, 3620 Locust Walk, Philadelphia, PA 19104 (email: )

[4 ]Columbia Business School, Uris Hall 810, New York, NY 10027 (email: )

[5 ]Marshall School of Business, University of Southern California, Ralph and Goldy Lewis Hall 324, Los Angeles, CA 90089 (email: )

[6 ]Stanford Graduate School of Business, 655 Knight Way, Stanford, CA 94305 (email: )

[7 ]J. Mack Robinson College of Business, Georgia State University, 35 Broad Street, Atlanta, GA 30303 (email: )