Down Payment Saving in the United States: Evidence from the Panel Study of Income Dynamics
研究了外生首付要求下家庭为抵押贷款储蓄的行为，发现提高首付比例会使部分家庭放弃购房计划，而坚持购房的家庭则增加储蓄，基于PSID数据验证了模型预测。
We present a model of household saving toward a mortgage loan under an exogenous down payment requirement and preference for owning over renting. Our model explains a set of empirical observations such as the dual effect in the form of some households, in response to higher down payments, becoming discouraged savers while those who do not abandon purchasing plans save more. We also employ instrumental variable‐based methods to investigate the down payment saving behavior of first‐time home buyers in the United States. The empirical results based on Panel Study of Income Dynamics (PSID) data support the inelastic down payment elasticity of saving implied by our model.