-linked mortgage-market data, we document that there is a “flypaper effect” of LSAPs, where the transmission of unconventional monetary …-eligible mortgage originations significantly more than the origination of GSE-ineligible mortgages. In contrast, QE2's focus on … Treasuries) during QE1 resulted in an additional $600 billion of refinancing, substantially reducing interest payments for …

We study the optimal recursive refinancing problem where a borrower minimizes his lifetime mortgage costs by repeatedly … by much more than the cost of refinancing. Applying the recursive model to an extensive sample of mortgage … refinancing when rates drop sufficiently. Key factors affecting the optimal decision are the cost of refinancing and the …

leverage, precautionary saving in liquid assets and illiquid home equity, debt repayment, mortgage refinancing, and default …

mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinance Program (HARP). The policy …Using loan-level mortgage data merged with consumer credit records, we examine the ability of the government to impact … in refinancing activity by HARP. More than three million eligible borrowers with primarily fixed-rate mortgages …

We build an empirical model to decompose delays in mortgage refinancing into time-dependent inaction (a low probability … mortgage refinancing without cash-out is unconstrained. Middle-aged and wealthy households exhibit state-dependent inaction … of responding to a refinancing incentive in a given quarter) and state- dependent inaction (a psychological addition to …

Households that fail to refinance their mortgage when interest rates decline can lose out on substantial savings. Based … households for whom refinancing would be optimal and who appeared unconstrained to do so, had not taken advantage of the lower … findings, we also provide results from a mail campaign targeted at a sample of homeowners that could benefit from refinancing …

refinancing activity to mortgage-backed security (MBS) yields. A decrease in MBS yields is typically associated with greater … refinancing activity and lower rates on new mortgages. However, this effect is dampened in counties with concentrated mortgage …We present evidence that high concentration in local mortgage lending reduces the sensitivity of mortgage rates and …

We use variation in mortgage modifications to disentangle the impact of reducing long-term obligations with no change … effect, while maturity extensions that increase only liquidity have large effects. Our results suggest that liquidity drives …

decompose the equity risk premium by maturity. We find that both expected dividend growth rates and risk premia exhibit …

liquidity, which depends on both the firm fundamental and the time-to-maturity of the bond. Corporate default decisions interact … premium and default premium for credit spreads, we also study the optimal maturity implied by the model based on the tradeoff …