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：

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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。