Michael Dinerstein
@mikedinerstein
Followers
781
Following
134
Media
7
Statuses
137
Joined December 2010
RT @NataliaHEmanuel: Around 1.2 million people are hospitalized involuntarily due to mental illness in the US each year. Policymakers are t….
0
15
0
RT @AndreyFradkin: In our new working paper, we study how to design consent mechanisms for data collection. TLDR; instead of focusing on th….
0
12
0
RT @xuyang_xia: 🚨 New paper on #JAMAHealthForum 🚨.If you walk into a random dialysis facility in the US, there’s.🔹 An 80% chance it’s owned….
0
8
0
RT @AndreyFradkin: Good to see this one finally in print. Market design for jobs platforms is still grossly understudied given its importan….
0
7
0
RT @BeckerFriedman: The Education Finance Conference gathered experts to discuss student loans, financial aid, and policy, highlighting new….
0
2
0
RT @restatjournal: REStat will sponsor 5 early-career researchers with the aim of broadening the set of scholars who are able to particip….
0
41
0
The paper has more results and interpretation. Feedback welcome! 13/13.
2
0
2
Focusing on borrowers subject to primarily a wealth shock (no change in payments due), we test and fail to reject the PIH. Borrowers do smooth as predicted, mostly through labor supply! 12/13.
1
0
2
Are these responses surprising? The permanent income hypothesis (PIH) predicts borrowers would “smooth” the wealth shock over time. 11/13.
1
0
2
We use novel survey data on borrowers’ expectations of forgiveness to translate the effects into an MPC of 0.27 and an MPE of -0.49. Size of labor supply response stands out. 10/13.
1
0
2
CONSUMPTION? We find sharp increases in mortgage, auto and credit card spending following loan forgiveness ($0.09 per $1 of forgiveness). 9/13
1
0
4
Results consistent with wealth effects and job lock. Estimated labor supply response similar to responses to lottery wins. 8/13.
1
0
3
Effects stronger among hourly workers, 50% coming through reduced wages, 50% reduced hours. We also see increases in industry switching and leaving public service. 7/13.
1
0
3
Causal effect on LABOR SUPPLY: Over 6 mos post-forgiveness, borrowers earn $44 less (2%), effect growing over time. 6/13
1
0
5
Biden’s (blocked) proposal would have been much less regressive, mostly because of earnings cutoffs. 5/13.
1
0
3
On targeting, forgiven borrowers earn more than other borrowers, largely due to being older. But even at same age, they earn $115 more per month ($1,240 more than those without college). 4/13.
1
0
3
We look at the (1) targeting and (2) causal effects of forgiveness. 3/13.
1
0
2
Note: This was not the broad forgiveness plan that was struck down by the Supreme Court. Instead, it came through a variety of admin. reforms and expansions. 2/13
1
0
5
Excited about this new paper with Sam Earnest, @dkoust, and Constantine Yannelis. We study the recent forgiveness of 7% (!) of student loan debt in the US 1/13.
Recent student loan forgiveness targeted higher earning borrowers, increased consumption, and decreased labor supply, but with more industry switching, from @mikedinerstein, Samuel Earnest, @dkoust, and Constantine Yannelis
3
12
93