Ray, Sugata; Mishkin, Frederic S. - 2007
, with an advanced financial
infrastructure, improvements in information technology have led to financial innovations
that … investment equations. However, to the
extent that innovations in the residential mortgage market are enabling people with less … spending to transitory income
shocks. Dynan, Elmendorf, and Sichel (2005) argue that innovations in housing finance
make it …