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来源类型Working Paper
规范类型报告
DOI10.3386/w25157
来源IDWorking Paper 25157
Mortgage Prepayment and Path-Dependent Effects of Monetary Policy
David W. Berger; Konstantin Milbradt; Fabrice Tourre; Joseph Vavra
发表日期2018-10-15
出版年2018
语种英语
摘要How much ability does the Fed have to stimulate the economy by cutting interest rates? We argue that the presence of substantial debt in fixed-rate, prepayable mortgages means that the ability to stimulate the economy by cutting interest rates depends not just on their current level but also on their previous path. Using a household model of mortgage prepayment matched to detailed loan-level evidence on the relationship between prepayment and rate incentives, we argue that recent interest rate paths will generate substantial headwinds for future monetary stimulus.
主题Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Monetary Policy
URLhttps://www.nber.org/papers/w25157
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/582830
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GB/T 7714
David W. Berger,Konstantin Milbradt,Fabrice Tourre,et al. Mortgage Prepayment and Path-Dependent Effects of Monetary Policy. 2018.
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