000			03035cam a22004337 4500
001			w28574
003			NBER
005			20211020103249.0
006			m o d
007			cr cnu||||||||
008			210910s2021 mau fo 000 0 eng d
100	1		_aBernstein, Asaf. _931115
245	1	4	_aThe Mortgage Piggy Bank: _bBuilding Wealth through Amortization / _cAsaf Bernstein, Peter Koudijs.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2021.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w28574
500			_aMarch 2021.
520	3		_aMortgage amortization schedules are illiquid savings plans comparable in size to pension programs; however, little is known about their effects on wealth accumulation. Using individual administrative data and plausibly exogenous variation in the timing of home purchase (ex. childbirth-driven) around a 2013 Dutch reform, we find a near one-for-one rise in net worth for each dollar of amortization. Households leave other savings and liabilities unchanged, and instead increase labor supply and reduce consumption. Effects hold even for regular savers and older households. This has important macroprudential implications and suggests homeownership financed via amortizing mortgages is instrumental for household wealth building.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aD14 - Household Saving • Personal Finance _2Journal of Economic Literature class.
690		7	_aD15 - Intertemporal Household Choice • Life Cycle Models and Saving _2Journal of Economic Literature class.
690		7	_aE21 - Consumption • Saving • Wealth _2Journal of Economic Literature class.
690		7	_aE6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook _2Journal of Economic Literature class.
690		7	_aG21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages _2Journal of Economic Literature class.
690		7	_aG4 - Behavioral Finance _2Journal of Economic Literature class.
690		7	_aG5 - Household Finance _2Journal of Economic Literature class.
690		7	_aG51 - Household Saving, Borrowing, Debt, and Wealth _2Journal of Economic Literature class.
690		7	_aJ2 - Demand and Supply of Labor _2Journal of Economic Literature class.
690		7	_aR3 - Real Estate Markets, Spatial Production Analysis, and Firm Location _2Journal of Economic Literature class.
700	1		_aKoudijs, Peter.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w28574.
856	4	0	_uhttps://www.nber.org/papers/w28574
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w28574
942			_2ddc _cW-PAPER
999			_c387732 _d346294