The Impact of Federal Interest Rate Regulations on the Small Saver: Further Evidence
利用1977年消费者信贷调查数据，分析利率上限对不同收入阶层小储户的隐性损失，发现负担具有累退性，但1970年后累退程度显著下降，可能与家庭资产组合调整和金融创新有关。
ABSTRACT This paper provides further evidence on the distributional impact of interest rate ceilings on the small saver. Cross‐section data from the 1977 Consumer Credit Survey was used to estimate the implicit losses imposed on different income classes by government regulations. Our findings generally support earlier studies which found the implicit burden to be regressive among income classes. However, the degree of regressivity showed a marked decrease since 1970. These results may be explained by portfolio adjustments of households and financial innovations in response to deposit rate ceilings and accelerating inflation during the 1970s.