Spending Response to a Predictable Increase in Mortgage Repayments: Evidence from Expiring Interest-Only Loans
研究房主在只付息抵押贷款到期、开始偿还本金时，面对可预见的收入减少如何调整消费，发现消费平均下降收入的3%，且降幅持续。
Abstract We study how homeowners' consumption responds to a negative and anticipated disposable income shock: the beginning of the amortization period on interest-only mortgages. We identify spending behavior through an event study approach, by matching loan-level data that covers the universe of Danish mortgages to detailed administrative registries on borrowers. In response to an average increase in installments worth 9% of income, consumption drops by 3% of income, when amortization begins. The reduction in expenditure is persistent. Borrowers who fail to smooth consumption are highly leveraged and likely to be denied a new interest-only loan, upon expiration.