Private Information and the Mortgage Market: Evidence and a Theory of Crises
A growing body of evidence suggests that private information is important in the mortgage-backed securities market. Recent research reconsiders the theory of how investors trade in the presence of private information. This paper summarizes the evidence and uses the new theoretical approach to explain how trade in mortgage-backed securities can collapse during a crisis.
Year of publication: |
2013-12
|
---|---|
Authors: | Shimer, Robert |
Institutions: | Banco Central de Chile |
Saved in:
freely available
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