The Capitalization of Consumer Financing into Durable Goods Prices
利用数百万笔二手车交易的贷款数据，研究消费者对信贷条款变化的反应。发现贷款期限延长一年会使汽车价格上涨2.8%，消费者通过选择低价车或议价来抵消月供增加。
ABSTRACT Using loan‐level data on millions of used‐car transactions across hundreds of lenders, we study the consumer response to exogenous variation in credit terms. Borrowers offered shorter maturity decrease expenditures enough to offset 60% to 90% of the monthly payment increase. Most of this is driven by shifting toward lower‐quality cars, but affected borrowers offset 20% to 30% of a monthly payment shock by negotiating lower prices for equivalent cars. Our results suggest that durable goods prices adjust to reflect credit terms even at the individual level, with one year of additional loan maturity increasing a car's price by 2.8%.