| 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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