Systemic Risk and the Refinancing Ratchet Effect
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The confluence of three trends in the U.S. residential housing market---rising home prices, declining interest rates, and near-frictionless refinancing opportunities---led to vastly increased systemic risk in the financial system. Individually, each of these trends is benign, but when they occur
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美国国家经济研究局创建时间：
2009-09-01
