Structuring Mortgages for Macroeconomic Stability
研究了一种可调利率抵押贷款，允许借款人在经济衰退期间仅支付利息并延长贷款期限，从而稳定消费增长、将违约转移至扩张期并提升福利，且对风险厌恶的贷款人成本较低。
ABSTRACT We study mortgage design features aimed at stabilizing the macroeconomy. We model overlapping generations of borrowers and an infinitely lived risk‐averse representative lender. Mortgages are priced using an equilibrium pricing kernel derived from the lender's endogenous consumption. We consider an adjustable‐rate mortgage with an option that during recessions allows borrowers to pay only interest on their loan and extend its maturity. The option stabilizes consumption growth over the business cycle, shifts defaults to expansions, and enhances welfare. The cyclical properties of the contract are attractive to a risk‐averse lender so that the mortgage can be provided at a relatively low cost.