Structuring Mortgages for Macroeconomic Stability
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We study mortgage design features aimed at stabilizing the macroeconomy. We model overlapping generations of mortgage borrowers and an infinitely lived risk-averse representative mortgage lender. Mortgages are priced using an equilibrium pricing kernel derived from the lender's endogenous
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美国国家经济研究局创建时间：
2020-08-01
