Household Liquidity Constraints and Labor Market Outcomes: Evidence from a Danish Mortgage Reform
利用1992年丹麦抵押贷款改革，研究放松家庭流动性约束对个人劳动力市场的影响，发现改革后受约束的房主增加债务、收入增长更快但就业率降低，并能转向高薪工作。
ABSTRACT We study the causal effect of liquidity constraints on individual labor market outcomes by exploiting the 1992 mortgage reform in Denmark, which for the first time allowed homeowners to borrow against housing equity for nonhousing purposes. Following the reform, liquidity‐constrained homeowners increased debt levels and had higher earnings growth and lower employment rates. The option to borrow against housing equity enabled liquidity‐constrained individuals to move to high‐wage jobs and invest in valuable human and physical capital. The results imply that relaxing household liquidity constraints during recessions can create better job matches, potentially increasing earnings and output in the longer run.