such financial development: the emergence of mortgage-backed securities. We also document that the relationship between the … volatility of aggregate economy activity and the development of mortgage-backed-securities markets changes sign, from negative to …

set of sales of mortgage-backed securities (Freddie Mac Participation Certificates, or PCs) to SPVs over the period 1991 …

conventional commitment mortgage coupon rates in terms of current and lagged values of this perfect-market coupon rate. Finally, we …

Securitization has been widely assigned blame for contributing to the recent mortgage market meltdown and ensuing …