Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty
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We estimate a structural model of household liquidity management in the presence of long-term mortgages. Households face counter-cyclical idiosyncratic labor income uncertainty and borrowing constraints, which affect optimal choices of leverage, precautionary saving in liquid assets and illiquid
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美国国家经济研究局创建时间：
2013-09-01
