Housing Finance in a Stochastic Economy: Contract Pricing and Choice
基于生命周期消费和抵押期权定价理论，用时间序列数据分析了抵押贷款、住房、资本和劳动力市场之间的长期均衡与短期动态，并研究了固定利率和浮动利率抵押贷款合约的局部均衡。
An empirical analysis of macroeconomic time series from the mortgage, housing, capital and labor markets is based on life‐cycle consumption and mortgage option pricing considerations. Vector autoregression techniques characterize the long‐run equilibrium and short‐run dynamics of the mortgage market as it relates to the other sectoral markets. A simultaneous‐equations model characterizes the partial equilibrium in the differentiated products market for fixed‐ and adjustablerate mortgage contracts. The empirical results reveal the impacts that market conditions have on mortgage volumes and prices, and they generally support the implications of the consumption and pricing theories.