We assess the complicated reality of monetary policy transmission through mortgage
markets by synthesizing the existing literature on the role of refinancing in policy …

The study of household finance is challenging because household behavior is difficult to
measure, and households face constraints not captured by textbook models. Evidence on …

We argue that the time-varying regional distribution of housing equity influences the
aggregate consequences of monetary policy through its effects on mortgage refinancing …

This paper asks how a household should choose between a fixed-rate (FRM) and an
adjustable-rate (ARM) mortgage. In an environment with uncertain inflation a nominal FRM …

Household financial decisions are complex, interdependent, and heterogeneous, and
central to the functioning of the financial system. We present an overview of the rapidly …

Applying a permanent income model with exogenous liquidity constraints and mortgage
behavior, household refinancing when mortgage interest rates are historically high and …

We build an empirical model to attribute delays in mortgage refinancing to psychological
costs inhibiting refinancing until incentives are sufficiently strong; and behavior, potentially …

How can mortgages be redesigned to reduce macrovolatility and default? We address this
question using a quantitative equilibrium life‐cycle model. Designs with countercyclical …

This paper exploits the recent variation in US house prices to examine the effect of equity
constraints and nominal loss aversion on household mobility. Detailed data from the 1985 …

Falling house prices have caused numerous homeowners to suffer capital losses. Those
with little home equity may be prevented from moving because of imperfections in housing …