THE UNPRECEDENTED FALL IN U.S. REVOLVING CREDIT
研究了2009年后美国循环信贷大幅下降的原因，发现《信用卡法案》中的偿付能力条款贡献了54-60%的下降，该政策虽保护了部分消费者，但伤害了大多数人。
Abstract After decades of consistent growth, U.S. revolving credit declined drastically post 2009. We study the Ability to Pay provision of the Credit CARD Act of 2009, a policy that restricts credit card limits, as a contributing factor. Extending a model of revolving credit lines, we find that the policy accounts for 54–60% of the decline in revolving credit. Furthermore, the policy accounts for lower utilization rates despite tighter credit limits and higher spreads despite lower default risk. The policy's goal of consumer protection is achieved for a few consumers with time‐inconsistent preferences; most individuals are hurt.