| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10683 |
| DP10683 Inattention and Inertia in Household Finance: Evidence from the Danish Mortgage Market | |
| John Y Campbell | |
| 发表日期 | 2015-07-05 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | A common problem in household finance is that households are often inactive in response to incentives. Mortgages are generally the largest household liability, and mortgage refinancing is an important channel for monetary policy transmission, so inactivity in this setting can be socially costly. We study how the Danish population responds to mortgage refinancing incentives between 2010 and 2014, building an empirical model that identifies two important sources of inactivity: inattention (a low probability of responding to a refinancing incentive in a given quarter), and inertia (a psychological addition to the financial cost of refinancing). Inertia is hump-shaped in age and generally increasing in socioeconomic status, while inattention is highest for older households and households with low income, education, housing wealth, and financial wealth, making it the key determinant of low refinancing among households with low socioeconomic status. Our model highlights the importance of policies to make such households aware of refinancing opportunities or to refinance mortgages automatically. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Denmark Household finance Inattention Inertia Mortgages Refinancing |
| URL | https://cepr.org/publications/dp10683 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539515 |
| 推荐引用方式 GB/T 7714 | John Y Campbell. DP10683 Inattention and Inertia in Household Finance: Evidence from the Danish Mortgage Market. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [John Y Campbell]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [John Y Campbell]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [John Y Campbell]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
