Statistical agencies publish consumption figures that rely heavily on household surveys that are limited in sample size, reporting errors and time lags. In this review, we summarise a paper that uses alternative sources of consumer transaction data to analyse the impact of interest rate changes on consumer purchasing behaviours. The high-frequency nature of credit-card data can provide a more precise measure of consumer spending, which can be more accurately matched with the timing of monetary policy shocks. 

LITERATURE

We summarise a working paper by Maria Soledad Martinez Peria, Monetary Policy and Credit Card Spending, published by the IMF.