Rate Level Indexed Mortgages: An Evaluation
提出并评估一种新型抵押贷款设计，旨在降低借贷双方因高波动利率面临的风险，并控制还款实际价值与摊销速度，基于1965-1983年市场数据进行了模拟。
In this paper, a new and superior alternative mortgage design is presented and evaluated. The mortgage design is motivated by a desire to reduce the exposure of both borrowers and lenders to risks that result from high and variable interest rates, while at the same time providing a mechanism by which changes in the real value of payments and rates of amortization can be controlled. In addition to a theoretical discussion of the merits of this design a simulation of the mortgage's performance is provided that uses market data from the period 1965 to 1983.