| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28039 |
| 来源ID | Working Paper 28039 |
| Refinancing, Monetary Policy, and the Credit Cycle | |
| Gene Amromin; Neil Bhutta; Benjamin J. Keys | |
| 发表日期 | 2020-11-02 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We assess the complicated reality of monetary policy transmission through mortgage markets by synthesizing the existing literature on the role of refinancing in policy implementation. After briefly reviewing mortgage market institutions in the U.S. and documenting refinance activity over time, we summarize the links between refinancing and consumption, and describe the frictions impeding the refinancing channel. The paper draws heavily on research emerging from the experience of the financial crisis of 2008-09, as it highlights a combination of market, institutional, and policy-making factors that dulled the transmission mechanism. We conclude with a discussion of potential mortgage market innovations, and the applicability of lessons learned to the ongoing stresses induced by the COVID-19 pandemic. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Institutions ; Regional and Urban Economics ; Real Estate ; COVID-19 |
| URL | https://www.nber.org/papers/w28039 |
| 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/585712 |
| 推荐引用方式 GB/T 7714 | Gene Amromin,Neil Bhutta,Benjamin J. Keys. Refinancing, Monetary Policy, and the Credit Cycle. 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 | ||
| w28039.pdf（950KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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