1703430970
1703430971
[5]在计算过程中，最高和最低指的是信用评分分布顶层和底层20%的人群，被拒率截至1998年。
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1703430973
[6]Ben Bernanke,testimony on “The Economic Outlook” on October 20,2005,before the Joint Economic Committee,109th Congress.
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1703430975
[7]想获得计算的细节，可以参看Atif Mian and Amir Sufi ,“The Consequences of Mortgage Credit Expansion
:Evidence from the U.S.Mortgage Default Crisis,” Quarterly Journal of Economics 124 （2009）
:1449-96。
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1703430977
[8]在现实中，债务论和动物精神论彼此并不是独立的。例如，债务可以允许那些拥有非理性信念的人购买房屋，这是我们在第8章中会强调的某种渠道。
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1703430979
[9]Edward Glaeser,Joseph Gyourko,and Albert Saiz,“Housing Supply and Housing Bubbles,” Journal of Urban Economics 64 （2008）
:198-217，本文提供了使用住房供给弹性来分析房地产市场泡沫多样性的动机。
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1703430981
[10]Mian and Sufi ,“Consequences of Mortgage Credit Expansion”; Albert Saiz,“The Geographic Determinants of Housing Supply,” Quarterly Journal of Economics 125 （2010）
:1253-96.
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1703430983
[11]为了与图6.2的y轴题例相匹配，我们有意识地使用了这个y轴便签，这样我们就可以对住房供给具有弹性和缺乏弹性的城市进行直接对比。
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[12]信贷供给的持续扩张使那些已经拥有房屋的人想购买更大的房屋，但是这代表了人口的一小部分。
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1703430987
[13]Ron French and Mike Wilkinson,“Easy Money,Risky Loans Drive Area Home Losses; 70,000 Filings for Foreclosure in the Past Two Years,” Detroit News,November 27,2007。这篇文章提到柯克兰太太受到住房抵押贷款经纪人的欺骗，由于通过住房抵押贷款再融资，欠了一大笔债务。
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1703430989
[14]Atif Mian and Amir Sufi ,“House Prices,Home EquityBased Borrowing,and the U.S.Household Leverage Crisis,” American Economic Review 101 （2011）
:1232-56.
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1703430991
[15]Glenn Canner,Karen Dynan,and Wayne Passmore,“Mortgage Refinancing in 2001 and Early 2002,” Federal Reserve Bulletin 88,no.12 （2002）
:469-81.
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1703430993
[16]另外一些研究显示在信用卡和二手车销售方面也出现了相似的激进借贷行为。参见David Gross and Nicholas Souleles,“Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior?
:Evidence from Credit Card Data,” Quarterly Journal of Economics,no.117 （2002）
:149-85; and William Adams,Liran Einav,and Jonathan Levin,“Liquidity Constraints and Imperfect Information in Subprime Lending,” American Economic Review no.99 （2009）
:49-84。
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1703430995
[17]See,for example,R.H.Strotz,“Myopia and Inconsistency in Dynamic Utility Maximization,” Review of Economic Studies 3 （1955）
:165-80; E.S.Phelps and R.A.Pollak,“On SecondBest National Saving and GameEquilibrium Growth,” Review of Economic Studies 35 （1968）
:185-99; and David Laibson,“Golden Eggs and Hyperbolic Discounting,” Quarterly Journal of Economics 112 （1997）
:443-78.
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1703430997
[18]将借款约束理论与行为偏差观点区别开来仍然是家庭支出行为研究的最大挑战之一。主要问题在于在两种理论下观察到的行为几乎是一样的。尽管面临挑战，它仍然是宏观经济学领域最重要的课题之一，我们期望未来对这个问题的研究会取得进展。
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1703430999
第7章
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1703431002
1703431003
[2]Lester Thurow,“Asia
:The Collapse and the Cure,” New York Review of Books,February5,1998.
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1703431005
[3]Ramon Moreno,“What Caused East Asia’s Financial Crisis?” Federal Reserve Bank of San Francisco Economic Letter 98-24,August 7,1998.
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1703431007
[4]Paul Krugman,“What Happened to Asia,” Mimeo,January 1998,http:/ /web.mit.edu/krugman/www/disinter.html.
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1703431009
[5]Franklin Allen and Joo Yun Hong,“Why Are There Global Imbalances?
:The Case of Korea” （working paper 11-32,Wharton Financial Institutions Center,University of Pennsylvania,February 27,2011）.
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1703431011
[6]Leon Kendall,“Securitization
:A New Era in American Finance,” in A Primer on Securitization,ed.Leon Kendall and Michael Fishman （Cambridge,MA
:MIT Press,2000）.
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1703431013
[7]例如，可以参见 Claire Hill,“Who Were the Villains in the Subprime Crisis,and Why It Matters,” Entrepreneurial Business Law Journal 4 （2010）
:323-50。她提到：“20世纪90年代晚期，华尔街就开始对那些无法获得‘优质’信贷的借款人所获得的住房抵押贷款证券化。发放的这类住房抵押贷款在所有发放的住房抵押贷款中占比还是很小的，但情况很快发生了变化。”
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1703431015
[8]Adam Levitin and Susan Wachter,“Explaining the Housing Bubble,” Georgetown Law Journal 100 （2012）
:1177-258.
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1703431017
[9]Joshua Coval,Jakub Jurek,and Erik Stafford,“The Economics of Structured Finance,”Journal of Economic Perspectives 23 （2009）
:3-25.
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1703431019
[10]Coval,Jurek,and Stafford,“The Economics of Structured Finance.”
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