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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w25157 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w25157 |
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/582830 |
推荐引用方式 GB/T 7714 | David W. Berger,Konstantin Milbradt,Fabrice Tourre,et al. Mortgage Prepayment and Path-Dependent Effects of Monetary Policy. 2018. |
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 | ||
w25157.pdf(2386KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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