Mortgage Pricing and Monetary Policy
研究了英国央行政策如何影响抵押贷款定价，发现贷款机构通过利率和手续费的两部定价进行价格歧视，非常规货币政策降低了利率但提高了手续费，禁止手续费会减少贷款发放。
This paper examines how central bank policies influence mortgage pricing in the United Kingdom. It shows that lenders price discriminate by offering two-part tariffs of interest rates and origination fees, and during unconventional monetary policies like the Funding for Lending Scheme, lenders reduced interest rates while increasing fees. Using a model of mortgage demand and lender competition, we find that central bank policies increased mortgage lending. Additionally, banning origination fees would reduce lending, as fees help lenders capture surplus while allowing them to price discriminate across borrowers with different sensitivities to rates and fees.