美联储-抵押贷款设计、还款计划和家庭借款 Mortgage Design, Repayment Schedules, and Household Borrowing.docx

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2024-10-08 发布于山西
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美联储-抵押贷款设计、还款计划和家庭借款 Mortgage Design, Repayment Schedules, and Household Borrowing.docx

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FinanceandEconomicsDiscussionSeries

FederalReserveBoard,Washington,D.C.

ISSN1936-2854(Print)

ISSN2767-3898(Online)

MortgageDesign,RepaymentSchedules,andHouseholdBorrowing

ClaesB“ackman,PatrickMoran,PetervanSanten

2024-077

Pleasecitethispaperas:

B~ackman,Claes,PatrickMoran,andPetervanSanten(2024).“MortgageDesign,RepaymentSchedules,andHouseholdBorrowing,”FinanceandEconomicsDiscussionSeries2024-077.Washington:BoardofGovernorsoftheFederalReserveSystem,/10.17016/FEDS.2024.077.

NOTE:StafworkingpapersintheFinanceandEconomicsDiscussionSeries(FEDS)arepreliminarymaterialscirculatedtostimulatediscussionandcriticalcomment.TheanalysisandconclusionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchstafortheBoardofGovernors.ReferencesinpublicationstotheFinanceandEconomicsDiscussionSeries(otherthanacknowledgement)shouldbeclearedwiththeauthor(s)toprotectthetentativecharacterofthesepapers.

MortgageDesign,RepaymentSchedules,andHouseholdBorrowing*

ClaesB¨ackmantPatrickMoran?PetervanSanten§

June4,2024

Abstract

Howdoesthedesignofdebtrepaymentschedulesaffecthouseholdborrowing?Toanswerthisquestion,weexploitaSwedishpolicyreformthateliminatedinterest-onlymortgagesforloan-to-valueratiosabove50%.Wedocumentsubstantialbunchingatthethreshold,leadingto5%lowerborrowing.Wealthyborrowersdrivetheresults,challengingcreditconstraintsastheprimaryexplanation.Wedevelopamodeltoevaluatethemechanismsdrivinghouseholdbehaviorandfindthatmuchoftheeffectcomesfromhouseholdsexperiencingongoingflowdisutilitytoamortizationpayments.Ourresultsindicatethatmortgagecontractswithlowinitialpaymentssubstantiallyincreasehouseholdborrowingandlifetimeinterestcosts.

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