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作者：Galashin, Mikhail; Kanz, Martin; Perez-Truglia, Ricardo
作者单位：University of California System; University of California Los Angeles; The World Bank; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：We examine how macroeconomic expectations affect consumer decisions, using an experiment with 2,872 credit card customers at a large commercial bank. In the experiment, participants are randomized into receiving expert forecasts of inflation and the nominal exchange rate. We find that forecasts shift inflation and exchange rate expectations, but do not change spending or self-reported consumption plans as predicted by standard models of intertemporal choice. Results from a supplementary survey...
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作者：Hu, Zhongchen
作者单位：The Chinese University of Hong Kong, Shenzhen
摘要：Flooding is among the costliest natural disasters in many countries. To protect collateral, many mortgage borrowers in the United States are legally required to maintain flood insurance. However, lax enforcement leads to frequent policy lapses. This paper shows that lenders provide credit contingent on borrowers' insurance incentives. Exploiting exogenous premium rises ($266 annually) that disincentivize insurance take-up, I find mortgage denial rates dramatically increase by 0.49-0.81 pp. By ...
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作者：van Binsbergen, Jules; Cocco, Joao F.; Grotteria, Marco; Naaraayanan, S. Lakshmi
作者单位：University of Pennsylvania; Centre for Economic Policy Research - UK; National Bureau of Economic Research; University of London; London Business School
摘要：We quantify the impact of perceived cancer risk on housing values using widely advertised national reclassifications of chemical carcinogenicity in the United States. Combining these information events with an empirical design that compares changes in house values closer to affected toxic plants against those farther away isolates the effect of cancer risk news from other local factors. Focusing on plants previously emitting reclassified carcinogenic chemicals, we estimate a 1-2% decline in ho...
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作者：Backman, Claes; Moran, Patrick; Van Santen, Peter
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of London; London School Economics & Political Science; University of Groningen
摘要：How does the design of debt repayment schedules affect household borrowing? To answer this question, we exploit a Swedish policy reform that eliminated interest-only mortgages for loan-to-value ratios above 50%. We document substantial bunching at the threshold, leading to 5% lower borrowing. Wealthy borrowers drive the results, challenging credit constraints as the primary explanation. We develop a model to evaluate the mechanisms driving household behavior and find that much of the effect co...
