American Economic Review · 2026 · Renato Faccini、Seungcheol Lee、Ralph Luetticke、Morten O. Ravn、Tobias Renkin
中文摘要
我们认为, 消费信贷利差会影响家庭选择, 且时变利差具有重要的分配后果。基于丹麦家庭数据, 我们表明, 消费信贷利差对财富分布中不同位置家庭的资产动态与消费选择具有异质性影响, 且时变利差会诱发逆周期的边际消费倾向。我们研究了一个由银行提供消费信贷与企业贷款的 HANK 模型。通过逆周期的信贷利差, 摩擦性金融放大了总量冲击并引致消费不平等。银行杠杆较低的经济体总体波动降低, 但在家庭层面可能面临更高的波动与更低的福利。(JEL D12, D31, E12, E21, E32, E52, G51)
Abstract
We argue that consumer credit spreads matter for household choices and that time-varying spreads have important distributional consequences. Studying Danish household data, we show that consumer credit spreads have heterogeneous impact on asset dynamics and consumption choices across the wealth distribution and that time-varying spreads induce a countercyclical marginal propensity to consume. We study a HANK model where banks provide consumer credit and corporate loans. Through countercyclical credit spreads, frictional finance amplifies aggregate shocks and induces consumption inequality. Economies with less leveraged banks experience reduced aggregate volatility but may face higher volatility and lower welfare at the household level. (JEL D12, D31, E12, E21, E32, E52, G51)