The Impact of Deregulation and Financial Innovation on Consumers: The Case of the Mortgage Market
利用永久收入假说，通过家庭住房支出预测未来收入的程度来衡量抵押贷款市场的不完美性，发现自1980年代初以来市场不完美性降低，证券化起了重要作用。
ABSTRACT We develop a technique to assess the impact of changes in mortgage markets on households, exploiting an implication of the permanent income hypothesis: The higher a household's expected future income, the higher its desired consumption, ceteris paribus. With perfect credit markets, desired consumption matches actual consumption and current spending forecasts future income. Because credit market imperfections mute this effect, the extent to which house spending predicts future income measures the “imperfectness” of mortgage markets. Using micro‐data, we find that since the early 1980s, mortgage markets have become less imperfect in this sense, and securitization has played an important role.