TY  - UNPD
A1  - Haliassos, Michael
A1  - Reiter, Michael
T1  - Credit card debt puzzles
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2005,26
N2  - Most US credit card holders revolve high-interest debt, often combined with substantial (i) asset accumulation by retirement, and (ii) low-rate liquid assets. Hyperbolic discounting can resolve only the former puzzle (Laibson et al., 2003). Bertaut and Haliassos (2002) proposed an 'accountant-shopper' framework for the latter. The current paper builds, solves, and simulates a fully-specified accountant-shopper model, to show that this framework can actually generate both types of co-existence, as well as target credit card utilization rates consistent with Gross and Souleles (2002). The benchmark model is compared to setups without self-control problems, with alternative mechanisms, and with impatient but fully rational shoppers. Klassifikation: E210, G110
T3  - CFS working paper series - 2005, 26 
KW  - Credit Cards
KW  - Debt
KW  - Self Control
KW  - Household Portfolios
KW  - USA
KW  - Kreditkarte
KW  - Haushalt
Y1  - 2005
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/3056
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-23385
ER  -