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Sources of Inaction in Household Finance: Evidence from the Danish Mortgage Market
American Economic Review ( IF 10.7 ) Pub Date : 2020-10-01 , DOI: 10.1257/aer.20180865 Steffen Andersen 1 , John Y. Campbell 2 , Kasper Meisner Nielsen 1 , Tarun Ramadorai 3
American Economic Review ( IF 10.7 ) Pub Date : 2020-10-01 , DOI: 10.1257/aer.20180865 Steffen Andersen 1 , John Y. Campbell 2 , Kasper Meisner Nielsen 1 , Tarun Ramadorai 3
Affiliation
We build an empirical model to decompose delays in mortgage refinancing into time-dependent inaction (a low probability of responding to a refinancing incentive in a given quarter) and state- dependent inaction (a psychological addition to the financial cost of refinancing). We estimate the model on high-quality administrative panel data from Denmark, where mortgage refinancing without cash-out is unconstrained. Middle-aged and wealthy households exhibit state-dependent inaction; but older, poorer, and less-educated households exhibit strong time-dependent inaction and thereby achieve lower savings. We use the model to understand frictions in the mortgage channel of monetary policy transmission.
中文翻译:
家庭财务不作为的根源:丹麦抵押市场的证据
我们建立了一个经验模型,将抵押贷款再融资的延迟分解为与时间有关的无所作为(在给定季度内对再融资激励做出回应的可能性很小)和与国家有关的无所作为(对再融资的财务成本造成了心理上的影响)。我们使用来自丹麦的高质量行政专家小组数据估算模型,该国没有抵押的抵押贷款再融资不受限制。中年和富裕家庭表现出国家不作为;但是年龄较大,贫穷和教育程度较低的家庭表现出强烈的时间依赖性,因此他们的储蓄减少。我们使用该模型来了解货币政策传导的抵押渠道中的摩擦。
更新日期:2020-10-01
中文翻译:
![](https://static.x-mol.com/jcss/images/paperTranslation.png)
家庭财务不作为的根源:丹麦抵押市场的证据
我们建立了一个经验模型,将抵押贷款再融资的延迟分解为与时间有关的无所作为(在给定季度内对再融资激励做出回应的可能性很小)和与国家有关的无所作为(对再融资的财务成本造成了心理上的影响)。我们使用来自丹麦的高质量行政专家小组数据估算模型,该国没有抵押的抵押贷款再融资不受限制。中年和富裕家庭表现出国家不作为;但是年龄较大,贫穷和教育程度较低的家庭表现出强烈的时间依赖性,因此他们的储蓄减少。我们使用该模型来了解货币政策传导的抵押渠道中的摩擦。