| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28938 |
| 来源ID | Working Paper 28938 |
| Temptation and Incentives to Wealth Accumulation | |
| Orazio Attanasio; Agnes Kovacs; Patrick Moran | |
| 发表日期 | 2021-06-21 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We propose a rich model of household behavior to study the effect of two important policies: mortgage interest tax deduction and mandatory mortgage amortization. These policies have attracted some controversy, first because they are conceived to increase overall saving, an objective that the literature does not agree they can achieve, and second because they incentivize illiquid savings and may thus increase the share of ‘wealthy hand-to-mouth’ households. We build a life-cycle model where housing may act as a commitment device to counteract present biases arising from temptation. We show that the model matches several empirical facts, including the large share of wealthy hand-to-mouth households. We evaluate the effect of the two policies and find that they increase wealth accumulation by 7 and 10% respectively. Our results demonstrate that these policies not only induce portfolio re-balancing, as emphasized by the previous literature, but also increase savings by making commitment more accessible. |
| 主题 | Microeconomics ; Households and Firms ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w28938 |
| 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/586612 |
| 推荐引用方式 GB/T 7714 | Orazio Attanasio,Agnes Kovacs,Patrick Moran. Temptation and Incentives to Wealth Accumulation. 2021. |
| 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 | ||
| w28938.pdf（604KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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