| Field | Before | After |
|---|---|---|
| Field Trial Status | Before on_going | After completed |
| Field Last Published | Before March 24, 2022 04:46 PM | After March 20, 2023 10:16 AM |
| Field Study Withdrawn | Before | After No |
| Field Intervention Completion Date | Before | After December 31, 2022 |
| Field Data Collection Complete | Before | After Yes |
| Field Final Sample Size: Number of Clusters (Unit of Randomization) | Before | After 12,500 |
| Field Was attrition correlated with treatment status? | Before | After No |
| Field Final Sample Size: Total Number of Observations | Before | After 11,200 |
| Field Final Sample Size (or Number of Clusters) by Treatment Arms | Before | After 1613 borrowers control, 1587 borrowers treatment arm #1, 1616 treatment arm #2, 1602 treatment arm #3, 1629 treatment arm #4, 1585 treatment arm #5, 1568 treatment arm #6 |
| Field Is there a restricted access data set available on request? | Before | After No |
| Field Program Files | Before | After No |
| Field Data Collection Completion Date | Before | After December 31, 2022 |
| Field Is data available for public use? | Before | After No |
| Field Additional Keyword(s) | Before mortgage refinancing, inattention, disclosure, monetary policy | After mortgage refinancing, inattention, disclosure, monetary policy, reminders |
| Field | Before | After |
|---|---|---|
| Field Paper Abstract | Before | After Under-refinancing limits the transmission of accommodative monetary policy to the household sector and costs mortgage holders in many countries a significant fraction of income annually. We test whether targeted communication can reduce the attention frictions that inhibit transmission by partnering with a large bank to analyze a field experiment testing messages sent to 12,000 Irish households. While we find only small effects of disclosure design improvements, a reminder letter increases refinancing by 76%, from 8.9% to 15.7%. To interpret this reminder effect, we extend and estimate a mixture model of inattentive financial decision-making to allow for disclosure treatment effects on attention. We find that reminders increase the likelihood mortgage holders are attentive by over 60%, from 24% to 39%. A conservative back-of-the-envelope cost-effectiveness calculation implies that the average reminder letter generated €42 of mortgagor consumption (€605 per refinancing household). Our results illustrate that targeted central bank communication such as refinancing reminders could have a larger effect on refinancing than a standard policy rate cut. Reminders could further strengthen the refinancing channel and stimulate local consumption even when policy rates are at the zero-lower bound or set in a monetary union. |
| Field Paper Citation | Before | After Byrne, Shane, Kenneth Devine, Michael King, Yvonne McCarthy, and Christopher Palmer. "The Last Mile of Monetary Policy: Inattention, Reminders, and the Refinancing Channel," March 2023. NBER Working Paper No. 31043. |
| Field Paper URL | Before | After http://www.nber.org/papers/w31043 |
| Field | Before | After |
|---|---|---|
| Field Public | Before No | After Yes |
| Field | Before | After |
|---|---|---|
| Field Public | Before No | After Yes |