Mortgage Market Design: Lessons from the Great Recession

The rigidity of mortgage contracts and a variety of frictions in the design of the market and the intermediation sector hindered efforts to restructure or refinance household debt in the aftermath of the financial crisis. In this paper, we focus on understanding the design and implementation challen...

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Veröffentlicht in:	Brookings papers on economic activity 2018-04, Vol.2018 (1), p.429-499
Hauptverfasser:	PISKORSKI, TOMASZ, SERU, AMIT
Format:	Artikel
Sprache:	eng
Schlagworte:	Contingencies Debt cancellation Debt restructuring Economic conditions Economic crisis Economic models Effectiveness Equity Errors Federal Reserve monetary policy Foreclosure Great Recession Heterogeneity Households Housing Implementation Indexes Interest rates Labor market Market equilibrium Mortgages Principal components analysis Public debt Recessions Refinancing Risk Side effects Welfare benefits
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