| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26645 |
| 来源ID | Working Paper 26645 |
| Real Effects of Search Frictions in Consumer Credit Markets | |
| Bronson Argyle; Taylor D. Nadauld; Christopher Palmer | |
| 发表日期 | 2020-01-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We establish two underappreciated facts about costly search. First, unless demand is perfectly inelastic, search frictions can result in significant deadweight loss by decreasing consumption. Second, whenever cross-price elasticities are non-zero, costly search in one market also affects quantities in other markets. As predicted by our model of search for credit under elastic demand, we show that search frictions in credit markets contribute to price dispersion, affect loan sizes, and decrease final-goods consumption. Using microdata from millions of auto-loan applications and originations not intermediated by car dealers, we isolate plausibly exogenous variation in interest rates due to institution-specific pricing rules that price risk with step functions. These within-lender discontinuities lead to substantial variation in the benefits of search across lenders and distort extensive- and intensive-margin loan and car choices differentially in high- versus low-search-cost areas. Our results demonstrate real effects of the costliness of shopping for credit and the continued importance of local bank branches for borrower outcomes even in the mobile-banking era. More broadly, we conclude that costly search affects consumption in both primary and complementary markets. |
| 主题 | Microeconomics ; Households and Firms ; Economics of Information ; Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w26645 |
| 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/584319 |
| 推荐引用方式 GB/T 7714 | Bronson Argyle,Taylor D. Nadauld,Christopher Palmer. Real Effects of Search Frictions in Consumer Credit Markets. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26645.pdf（989KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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