Refinancing, Monetary Policy, and the Credit Cycle
本文综合现有文献，评估再融资在货币政策传导中的作用，梳理美国抵押贷款市场制度、再融资与消费的关联及阻碍因素，并讨论金融危机和新冠疫情带来的启示。
We assess the complicated reality of monetary policy transmission through mortgage markets by synthesizing the existing literature on the role of refinancing in policy implementation. After briefly reviewing mortgage market institutions in the USA and documenting refinance activity over time, we summarize the links between refinancing and consumption and describe the frictions impeding the refinancing channel. The review draws heavily on research emerging from the experience of the financial crisis of 2008–2009, as it highlights a combination of market, institutional, and policy-making factors that dulled the transmission mechanism. We conclude with a discussion of potential mortgage market innovations and the applicability of lessons learned to the ongoing stresses induced by the COVID-19 pandemic.