Does Household Finance Affect the Political Process? Evidence from Voter Turnout During a Housing Crisis
利用个人层面面板数据，研究发现当地房价下跌10%会使有房贷房主的投票率下降1.6个百分点，且对高杠杆家庭影响更严重，表明财务困境通过投票参与影响不平等。
Abstract I examine the effect of house price declines on voter participation using a novel person-level panel data set. Contrary to what the “angry voter hypothesis” predicts, I find that a 10% decline in local house prices decreases the participation rate of the average mortgaged homeowner by 1.6 percentage points. Consistent with a financial distress channel, house price declines have no effects on renters and particularly severe effects on highly leveraged households. My findings are consistent with the existence of a feedback loop between financial distress and inequality operating through voter participation.