Houses as ATMs: Mortgage Refinancing and Macroeconomic Uncertainty
研究了抵押贷款再融资活动中的房屋净值提取具有强烈的逆周期性，符合家庭流动性需求，并利用微观数据评估了流动性管理结构模型的预测。
ABSTRACT Mortgage refinancing activity associated with extraction of home equity contains a strongly countercyclical component consistent with household demand for liquidity. We estimate a structural model of liquidity management featuring countercyclical idiosyncratic labor income uncertainty, long‐ and short‐term mortgages, and realistic borrowing constraints. We empirically evaluate its predictions for households' choices of leverage, liquid assets, and mortgage refinancing using microlevel data. Taking the observed historical paths of house prices, aggregate income, and interest rates as given, the model accounts for many salient features in the evolution of balance sheets and consumption in the cross‐section of households over 2001 to 2012.