Intra-Household Frictions, Anchoring, and the Credit Card Debt Puzzle
研究家庭内部摩擦和锚定效应如何导致人们同时持有高成本债务和低收益流动资产，发现夫妻比个人多持有42%的此类资产，且个人常按最低还款额还款是重要原因。
Abstract I study how intra-household frictions and anchoring contribute to the credit card debt puzzle, the co-holding of high-cost debt, and low-yield liquid assets. First, I find couples co-hold 42% more as units than as individuals relative to income. Moreover, in a natural experiment, couples do not cooperate to reduce high-cost debt, suggesting that intra-household frictions contribute to co-holding. Second, I find individuals who regularly make credit card debt payments equal to or near the minimum account for 59% of individual co-holding. The evidence suggests anchoring to the minimum payment contributes to co-holding via these low payments.