Optimal Recursive Refinancing and the Valuation of Mortgage-Backed Securities
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下载链接：
https://www.nber.org/papers/w10422
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资源简介：
We study the optimal recursive refinancing problem where a borrower minimizes his lifetime mortgage costs by repeatedly refinancing when rates drop sufficiently. Key factors affecting the optimal decision are the cost of refinancing and the possibility that the mortgagor may have to refinance at a
提供机构：
美国国家经济研究局
创建时间：
2004-04-01
