Intergenerational Transfers, Borrowing Constraints, and Saving Behavior: Evidence from the Housing Market
研究针对首次购房的代际转移如何影响储蓄行为，发现每收到1美元转移，总储蓄减少29-40美分，首付增加61-71美分，且转移帮助家庭达到更优惠的抵押贷款门槛。
We examine the effects of intergenerational transfers on saving behavior by analyzing transfers targeted to first-time home purchases. Transfer recipients have a shorter time to save for a down payment of 9–20%. For each dollar of transfer received, total savings falls by 29–40 cents and the down payment rises by 61–71 cents. Transfer recipients increase the value of the home purchased, but by an amount that is much lower than possible if the transfer were fully leveraged. In addition, transfers appear to help households achieve certain down payment thresholds that give favorable mortgage terms.