Regional Redistribution through the US Mortgage Market
研究发现美国抵押贷款市场中政府资助企业（GSE）的全国统一利率政策，尽管忽略了区域违约风险差异，却通过跨区域资源再分配显著影响福利，对理解区域经济冲击的自我保险机制有重要启示。
Regional shocks are an important feature of the US economy. Households' ability to self-insure against these shocks depends on how they affect local interest rates. In the United States, most borrowing occurs through the mortgage market and is influenced by the presence of government-sponsored enterprises (GSE). We establish that despite large regional variation in predictable default risk, GSE mortgage rates for otherwise identical loans do not vary spatially. In contrast, the private market does set interest rates which vary with local risk. We use a spatial model of collateralized borrowing to show that the national interest rate policy substantially affects welfare by redistributing resources across regions.