1703430990
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.
1703430992
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。
1703430994
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.
1703430996
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。
1703430998
1703430999
第7章
1703431000
1703431002
1703431003
[2]Lester Thurow,“Asia
:The Collapse and the Cure,” New York Review of Books,February5,1998.
1703431004
1703431005
[3]Ramon Moreno,“What Caused East Asia’s Financial Crisis?” Federal Reserve Bank of San Francisco Economic Letter 98-24,August 7,1998.
1703431006
1703431007
[4]Paul Krugman,“What Happened to Asia,” Mimeo,January 1998,http:/ /web.mit.edu/krugman/www/disinter.html.
1703431008
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）.
1703431010
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）.
1703431012
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。”
1703431014
1703431015
[8]Adam Levitin and Susan Wachter,“Explaining the Housing Bubble,” Georgetown Law Journal 100 （2012）
:1177-258.
1703431016
1703431017
[9]Joshua Coval,Jakub Jurek,and Erik Stafford,“The Economics of Structured Finance,”Journal of Economic Perspectives 23 （2009）
:3-25.
1703431018
1703431019
[10]Coval,Jurek,and Stafford,“The Economics of Structured Finance.”
1703431020
1703431021
[11]这是《经济学人》文章所给的标题，该文介绍了我们2008年2月研究的内容。参见the Economist,“Chain of Fools,” February 7,2008。
1703431022
1703431023
[12]Benjamin Keys,T.Mukherjee,Amit Seru,and Vikrant Vig,“Did Securitization Lead to Lax Screening?
:Evidence from Subprime Loans,” Quarterly Journal of Economics 125 （2010）
:307-62.
1703431024
1703431025
[13]Christopher Mayer,Karen Pence,and Shane Sherlund,“The Rise in Mortgage Defaults,” Journal of Political Economy 23 （2009）
:27-50。本文提供了进一步支持，他们“发现承销情况从几个方面开始恶化：在给借款人发放的贷款中，贷款首付非常少，收入或资产证明很少甚或完全没有。
1703431026
1703431027
[14]Tomasz Piskorski,Amit Seru,and James Witkin,“Asset Quality Misrepresentation by Financial Intermediaries
:Evidence from RMBS Market” （working paper,Columbia Business School,Columbia University,February 12,2013）.
1703431028
1703431029
[15]Adam Ashcraft ,Paul GoldsmithPinkham,and James Vickery,“MBS Ratings and the Mortgage Credit Boom,” Federal Reserve Bank of New York Staff Report #449,May 2010.
1703431030
1703431031
[16]Piskorski,Seru,and Witkin,“Asset Quality Misrepresentation.”
1703431032
1703431033
[17]Yuliya Demyanyk and Otto Van Hemert,“Understanding the Subprime Mortgage Crisis,” Review of Financial Studies 24 （2011）
:1848-80.
1703431034
1703431035
[18]这个估计数是基于ABX指数，它跟踪MBS的价值，这些住房抵押贷款是2007年发放的。
1703431036
1703431037
第8章
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1703431039
[1]Daniel Altman,“Charles P.Kindleberger,92,Global Economist,Is Dead,” New York Times,July 9,2003.
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