美联储-流动性约束对劳动力供给的影响：来自利率上限的证据（英）

Finance and Economics Discussion SeriesFederal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online)The Effect of Liquidity Constraints on Labor Supply: Evidencefrom Interest Rate CeilingsKabir Dasgupta, Brenden J. Mason2025-110Please cite this paper as:Dasgupta, Kabir, and Brenden J. Mason (2025). “The Effect of Liquidity Constraints onLabor Supply:Evidence from Interest Rate Ceilings,” Finance and Economics Discus-sion Series 2025-110.Washington: Board of Governors of the Federal Reserve System,https://doi.org/10.17016/FEDS.2025.110.NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment. The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other thanacknowledgement) should be cleared with the author(s) to protect the tentative character of these papers.The Effect of Liquidity Constraints on Labor Supply: Evidencefrom Interest Rate CeilingsKabir Dasgupta∗ and Brenden J. Mason†‡December 9, 2025AbstractWe exploit the spatiotemporal variation in US states’ interest rate ceilings on small-dollarloans to identify the effect of liquidity constraints on labor supply.Exogenously-cappedinterest rates lead to consumers being shut out of the market for cash loans. In response,labor supply increases by approximately 0.4 hours per week. We also find that the propensityto take personal leaves decreases.Labor supply, therefore, is used to overcome financialconstraints, but is not the only method: the effect on earnings is less than many small-dollarloans, suggesting that borrowers employ multiple mechanisms to cope with tightened creditconditions.JEL Classification: D15, G5, G23, J22Keywords: Liquidity Constraints; Labor Supply; Usury; Payday Lending; CreditRationing; Consumption Smoothing∗Senior Economist, Consumer and Community Affairs, Federal Reserve Board, Washington, DC, United States†Associate Professor of Economics, North Central College, Naperville, IL, United States‡Correspondence: Department of Economics and Finance, North Central College, 30 N. Brainard St, Naperville,IL, 60540, United States. E-mail address: bjmason@noctrl.eduThis research was conducted with restricted access to Bureau of Labor Statistics (BLS) data. The results andviews expressed in this study are those of the authors and do not reflect the views of the BLS, the Federal ReserveBoard, or the Federal Reserve System.Acknowledgements: We would like to thank Jeff Larrimore, Alexander Plum, and participants at the 2023 MidwestEconomics Association Conference and the 2023 Western Economic Association International Conference forhelpful comments, discussion, and suggestions. All errors are our own. We do not have any conflicts of interest.Section 1: Introduction and OverviewHow do cons