The Supply Side of Household Finance
成果类型：
Article
署名作者：
Foa, Gabriele; Gambacorta, Leonardo; Guiso, Luigi; Mistrulli, Paolo Emilio
署名单位：
Bank for International Settlements (BIS); European Central Bank; Bank of Italy
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhz011
发表日期：
2019
页码：
3762
关键词：
摘要：
Using matched borrower-lender data, we document strong nonprice supplier effects in mortgage contract choice. For given relative price of adjustable and fixed rate mortgages, households borrowing from banks hit by shocks to the cost of long term funding, or to the deposits base or to access to securitization are more likely to choose adjustable rate mortgages. Supply factors have larger effects on less-sophisticated households and at times of price inaction. A model in which banks affect borrowers' choices through prices and distorted advice predicts these findings. We contrast the distorted advice interpretation of the evidence against the potential alternative nonprice channels.
来源URL：