Pricing Mortgages: An Interpretation of the Models and Results
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Mortgages, like all debt securities, can be viewed as risk-free assets plus or minus contingent claims that can be usefully viewed as options. The most important options are: prepayment, which is a call option giving the borrower the right to buy back the mortgage at par, and default, which is a put
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美国国家经济研究局创建时间：
1987-06-01
