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100			_aAdersen, S., Campbell, J.Y. and Ramadorai, T. _926241
245			_aSources of inaction in household finance: Evidence from the Danish mortgage market
260			_aThe American Economic Review
300			_a110(10), Oct, 2020: p.3184-3230
520			_aWe build an empirical model to attribute delays in mortgage refinancing to psychological costs inhibiting refinancing until incentives are sufficiently strong; and behavior, potentially attributable to information-gathering costs, lowering the probability of household refinancing per unit time at any incentive. We estimate the model on administrative panel data from Denmark, where mortgage refinancing without cash-out is unconstrained. Middle-aged and wealthy households act as if they have high psychological refinancing costs; but older, poorer, and less-educated households refinance with lower probability irrespective of incentives, thereby achieving lower savings. We use the model to understand frictions in the mortgage channel of monetary policy transmission. – Reproduced
650			_aHousehold finance, Danish mortgage market, Mortgage market _926242
773			_aThe American Economic Review
906			_aMORTGAGE LOANS
942			_cAR