| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21386 |
| 来源ID | Working Paper 21386 |
| Sources of Inaction in Household Finance: Evidence from the Danish Mortgage Market | |
| Steffen Andersen; John Y. Campbell; Kasper Meisner Nielsen; Tarun Ramadorai | |
| 发表日期 | 2015-07-27 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w21386 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579061 |
| 推荐引用方式 GB/T 7714 | Steffen Andersen,John Y. Campbell,Kasper Meisner Nielsen,et al. Sources of Inaction in Household Finance: Evidence from the Danish Mortgage Market. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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