In a field experiment that constructs a randomized credit limit shock, participants borrow to spend 11 cents on the dollar in the first quarter and 28 cents by the third year. Effects extend to those far from the limit, those who had the new limits as available credit, and those with a liquid asset buffer. In the short-run, flexible and installment contracts are used in tandem, with unconstrained using installments more. Long-run borrowing is predominantly using installments. Near limits, participants borrow when credit expands but save out of constraints when limits are tight. Findings support a buffer-stock interpretation emphasizing precautionary saving. (JEL C93, E21, G21, G51, O12, O16)

中文翻译：

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消费对信贷扩张的反应：来自 45,307 个信贷额度的实验分配的证据

在构建随机信用额度冲击的现场实验中，参与者在第一季度借入 11 美分，到第三年花费 28 美分。影响延伸到那些远离限制的人，那些拥有新限制作为可用信贷的人，以及那些拥有流动资产缓冲的人。短期内，弹性合同与分期合同并用，无约束分期使用较多。长期借款主要是分期付款。接近限额时，参与者在信贷扩张时借入，但在限额收紧时不受限制地储蓄。研究结果支持强调预防性储蓄的缓冲库存解释。（JEL C93、E21、G21、G51、O12、O16）