| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16634 |
| DP16634 Breaking the Commitment Device: The Effect of Home Equity Withdrawal on Consumption, Saving, and Welfare | |
| Agnes Kovacs | |
| 发表日期 | 2022-03-23 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This paper investigates the macroeconomic and welfare implications of permitting home equity withdrawal. We evaluate the trade-off between two opposing views: the benefit of improved consumption smoothing and the potential cost of weakened commitment. To disentangle their relative importance, we estimate a life-cycle model containing both channels. We find that the welfare cost of weakened commitment is substantial: approximately 1.7 times larger than the benefit of improved consumption smoothing. Both channels contribute equally to a 2.5 percentage point reduction in the personal saving rate. Welfare could be improved using state-contingent mortgages that better balance the trade-off between flexibility and commitment. |
| 主题 | Public Economics |
| 关键词 | Household consumption Euler equation Commitment Mortgage design |
| URL | https://cepr.org/publications/dp16634-1 |
| 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/546111 |
| 推荐引用方式 GB/T 7714 | Agnes Kovacs. DP16634 Breaking the Commitment Device: The Effect of Home Equity Withdrawal on Consumption, Saving, and Welfare. 2022. |
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