Household Debt and Labour Supply

Philip D. Bunn, J. Chadha, Thomas Lazarowicz, S. Millard, E. Rockall
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Abstract

In this paper, we first develop a theoretical framework with three types of household: outright homeowners, mortgagors and renters. We then examine empirically how household debt affects the response of labour supply to shocks to income, mortgage interest rates and house prices for each type of household. In line with our framework, we find that negative income shocks lead to lower participation among outright homeowners while increasing mortgagors’ desired hours; surprise rises in interest rates lead to increases in desired hours that are larger the higher is the household’s debt level; and falls in house prices increase mortgagors’ desired hours.
家庭债务和劳动力供给
在本文中,我们首先建立了一个包含三种家庭类型的理论框架:直接房主、抵押人和租房人。然后,我们从经验上考察了家庭债务如何影响劳动力供给对每种家庭收入、抵押贷款利率和房价冲击的反应。根据我们的框架,我们发现负收入冲击导致直接房主的参与率降低,同时增加抵押贷款人的期望时间;出人意料的利率上升会导致期望工作时间的增加,家庭债务水平越高,期望工作时间的增加就越大;房价下跌增加了抵押人的期望时间。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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