Saving Impact of Mortgage Payments: A Microlevel Study for the U.S. Households
利用1999-2015年美国家庭数据，发现抵押贷款支付每增加1%，储蓄率下降0.15个百分点（实际下降8.8%），且本金和利息部分均有显著抑制作用。
Abstract This article investigates the effect of the mortgage payments on the saving rate of the U.S. households by employing instrumental variable‐based methods along with the Panel Study Income Dynamics data over the period of 1999–2015. The results show that a 1% increase in the mortgage payments leads to a 0.15‐percentage‐point (corresponding to an actual 8.8%) decrease in the saving rate. The significant depressing effect also prevails even when mortgage payment is decomposed into the principal and interest components. The finding evidence indicates that the changes in the saving rate of the U.S. households can be partially explained by the changes in mortgage payments.