Responses to Eliminating Saving Commitments: Evidence from Mortgage Run‐offs
研究取消储蓄约束（抵押贷款到期）后，借款人如何调整收入和债务。发现39%的还款额用于减少劳动收入，53%用于偿还其他债务。
Abstract We study consumers’ responses to removing a saving constraint. Mortgage run‐offs predictably relax a saving constraint for borrowers whose mortgage committed them to save by paying down principal. Using the entire Danish population, we identify mortgages on track to run off between 1995 and 2014. We measure the effect of run‐offs on earnings and the household balance sheet. We find that borrowers use 39% of previous mortgage payments to decrease labor income and use 53% to pay down other debts. Borrowers run up nonmortgage debt prior to the run‐off and this run‐up stops once the mortgage is repaid.