| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27676 |
| 来源ID | Working Paper 27676 |
| Structuring Mortgages for Macroeconomic Stability | |
| John Y. Campbell; Nuno Clara; João F. Cocco | |
| 发表日期 | 2020-08-17 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study mortgage design features aimed at stabilizing the macroeconomy. We model overlapping generations of mortgage borrowers and an infinitely lived risk-averse representative mortgage lender. Mortgages are priced using an equilibrium pricing kernel derived from the lender's endogenous consumption. We consider an adjustable-rate mortgage (ARM) with an option that during recessions allows borrowers to pay only interest on their loan and extend its maturity. We find that this maturity extension option stabilizes consumption growth over the business cycle, shifts defaults to expansions, and is welfare enhancing. The cyclical properties of the maturity extension ARM are attractive to a risk-averse lender so the mortgage can be provided at a relatively low cost. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w27676 |
| 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/585348 |
| 推荐引用方式 GB/T 7714 | John Y. Campbell,Nuno Clara,João F. Cocco. Structuring Mortgages for Macroeconomic Stability. 2020. |
| 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 | ||
| w27676.pdf（480KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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