财务压力的经济学
The Economics of Financial Stress
Review of Economic Studies · 2024 · [{"name": "Dmitriy Sergeyev", "affiliation": ["Bocconi University"]}, {"name": "Chen Lian", "affiliation": ["Berkeley College", "University of California, Berkeley"]}, {"name": "Yuriy Gorodnichenko", "affiliation": ["Berkeley College", "University of California, Berkeley"]}]
中文摘要
摘要：我们研究财务约束的心理成本及其经济后果。利用一项具有代表性的美国家庭调查，我们记录了美国家庭财务压力的普遍程度，以及财务压力与财务约束指标之间的强相关关系。我们将财务压力纳入一个原本标准的消费与劳动供给动态模型中。我们强调两个关键结果。第一，财务压力本身以及对财务压力的天真认知，都是基于心理学的贫困陷阱理论的重要组成部分。相比之下，老练型家庭会额外储蓄以摆脱高压力状态，因为他们理解这样做能够缓解财务压力的经济后果。第二，财务压力渠道会削弱或逆转反事实情形下财富对劳动收入的大幅负向效应，因为缓解压力会释放用于生产性工作的认知资源。财务压力还对财富不平等和财政乘数具有宏观经济含义。
Abstract
Abstract We study the psychological costs of financial constraints and their economic consequences. Using a representative survey of U.S. households, we document the prevalence of financial stress in U.S. households and a strong relationship between financial stress and measures of financial constraints. We incorporate financial stress into an otherwise standard dynamic model of consumption and labour supply. We emphasize two key results. First, both financial stress itself and naivete about financial stress are important components of a psychology-based theory of the poverty trap. Sophisticated households, instead, save extra to escape high-stress states because they understand that doing so alleviates the economic consequences of financial stress. Second, the financial stress channel dampens or reverses the counterfactual large negative wealth effect on labour earnings because relieving stress frees up cognitive resources for productive work. Financial stress also has macroeconomic implications for wealth inequality and fiscal multipliers.