| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29094 |
| 来源ID | Working Paper 29094 |
| Present Bias Amplifies the Household Balance-Sheet Channels of Macroeconomic Policy | |
| David Laibson; Peter Maxted; Benjamin Moll | |
| 发表日期 | 2021-08-02 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study the effects of monetary and fiscal policy in a heterogeneous-agent model where households have present-biased time preferences and naive beliefs. The model features a liquid asset and illiquid home equity, which households can use as collateral for borrowing. Because present bias substantially increases households' marginal propensity to consume (MPC), present bias increases the impact of fiscal policy. Present bias also amplifies the effect of monetary policy but, at the same time, slows down the speed of monetary transmission. Interest rate cuts incentivize households to conduct cash-out refinances, which become targeted liquidity-injections to high-MPC households. But present bias also introduces a motive for households to procrastinate refinancing their mortgages, which slows down the speed with which this monetary channel operates. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Monetary Policy ; Fiscal Policy ; Financial Economics ; Behavioral Finance |
| URL | https://www.nber.org/papers/w29094 |
| 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/586768 |
| 推荐引用方式 GB/T 7714 | David Laibson,Peter Maxted,Benjamin Moll. Present Bias Amplifies the Household Balance-Sheet Channels of Macroeconomic Policy. 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 | ||
| w29094.pdf（1078KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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。
