Hercowitz, Zvi (contributor); … - 2007
deregulation of the mortgage market in the early 1980s triggered innova-
tions that greatly reduced the required home equity of U … conclude in Section 8.
2 Institutional Background
Our analysis takes the institutions structuring the household debt market as …—assumed to
be proportional to the service flow—its consumption of non-durable goods and labor supply.
In (2), ˜St, and ˜Ct are …