HOUSEHOLD DEBT AND THE EFFECTS OF FISCAL POLICY
利用美国家庭调查数据，研究发现政府支出冲击对消费的影响因家庭债务状况而异：有抵押贷款的家庭消费反应最大，租房者次之，完全拥有房产者不显著。
Abstract We examine how the effects of government spending shocks depend on the balance sheet position of households. Employing U.S. household survey data, we find a large, positive consumption response for households with mortgage debt, smaller response for renters, and an insignificant response for outright homeowners, in response to a positive government spending shock. We consider a model with three types of households and show that it can successfully account for these findings. Liquidity constraints and wealth effects play a crucial role in shock propagation. Our findings suggest the importance of household mortgage debt position in the transmission mechanism of fiscal policy.