多工作才能付房贷：家庭债务、利率和家庭劳动力供给

IF 7.6 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2024-12-17 DOI:10.1111/jofi.13413

Michał Zator

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引用次数: 0

摘要

我的研究表明，当浮动利率抵押贷款付款准外生性地增加（减少）时，家庭的工作和收入会增加（减少）。这种反应是相当大的，而且是不对称的：平均而言，家庭的收入调整幅度是其按揭付款变化幅度的 35%，但在付款增加时，这种反应明显更强烈。双职工、无子女家庭中的男性平均反应最大，而女性和年轻工人的不对称反应最为明显，他们对付款增加的反应尤为强烈。劳动力供给弹性的不对称性可能有助于解释以往研究中发现的弹性范围较大的原因。

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Working More to Pay the Mortgage: Household Debt, Interest Rates, and Family Labor Supply

I show that households work and earn more (less) when their floating‐rate mortgage payments quasi‐exogenously increase (decrease). The response is sizable and asymmetric: on average, households adjust their income by 35% of the change in their mortgage payment, but the response is significantly stronger following an increase in payments. While men in dual‐earner, childless households respond the most on average, the asymmetry is most pronounced for women and young workers, who respond particularly strongly to payment increases. The asymmetry of the labor supply elasticity may help explain the wide range of elasticities found in previous research.

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.