| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17007 |
| 来源ID | Working Paper 17007 |
| Continuous Workout Mortgages | |
| Robert J. Shiller; Rafal M. Wojakowski; M. Shahid Ebrahim; Mark B. Shackleton | |
| 发表日期 | 2011-05-05 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Continuous Workout Mortgage (CWM) balance and payments are indexed using market-observable house price index in an economic environment with prepayments. Our main results include: (a) explicit modelling of repayment and interest-only CWMs; (b) closed form formulas for mortgage payment and mortgage balance of a repayment CWM; (c) a closed form formula for the actuarially fair mortgage rate of an interest-only CWM. For repayment CWMs we extend our analysis to include two negotiable parameters: adjustable "workout proportion" and adjustable "workout threshold." These results are of importance as they not only help in the understanding of the mechanics of CWMs and estimating key contract parameters, but they also provide guidance on how to enhance the resilience of the financial architecture and mitigate systemic risk. |
| 主题 | Microeconomics ; Mathematical Tools ; Households and Firms ; Behavioral Economics ; Financial Economics ; Financial Markets ; Financial Institutions ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w17007 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574681 |
| 推荐引用方式 GB/T 7714 | Robert J. Shiller,Rafal M. Wojakowski,M. Shahid Ebrahim,et al. Continuous Workout Mortgages. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17007.pdf（296KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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