打字猴:1.703431133e+09
1703431133 [9]同上。
1703431134
1703431135 [10]John Geanakoplos,“Solving the Present Crisis and Managing the Leverage Cycle,” FRBNY Economic Policy Review 16,no.1 （August 2010）.
1703431136
1703431137 [11]Christopher Mayer,Edward Morrison,and Tomasz Piskorski,“A New Proposal for Loan Modifications,” Yale Journal on Regulation 26,no.2 （2009）.
1703431138
1703431139 [12]Sumit Agarwal,Gene Amromin,Itzhak BenDavid,Souphala Chomsisengphet,Tomasz Piskorski,and Amit Seru,“Policy Intervention in Debt Renegotiation:Evidence from the Home Affordable Modification Program” （working paper,University of Chicago Booth School of Business,2012）.
1703431140
1703431141 [13]Tomasz Piskorski,Amit Seru,and Vikrant Vig,“Securitization and Distressed Loan Renegotiation:Evidence from the Subprime Mortgage Crisis,” Journal of Financial Economics 97 （2010）:369-97.
1703431142
1703431143 [14]Sumit Agarwal,Gene Amromin,Itzhak BenDavid,Souphala Chomsisengphet,and Douglas Evanoff ,“MarketBased Loss Mitigation Practices for Troubled Mortgages Following the Financial Crisis,” （working paper,SSRN,October 2010）.
1703431144
1703431145 [15]研究由Christopher Mayer、Edward Morrison、Tomasz Piskorski和Arpit Gupta完成，“Mortgage Modification and Strategic Behavior:Evidence from a Legal Settlement with Countrywide” （working paper no.17065,NBER,May 2011），本文支持了对这些策略性违约的担忧。
1703431146
1703431147 [16]See Jesse Eisenger,“Fannie and Freddie:Slashing Mortgages Is Good Business,”ProPublica,March 23,2012,http://www.propublica.org/article/fannieandfreddieslashingmortgagesisgoodbusiness.
1703431148
1703431149 [17]See Ben Hallman,“Ed DeMarco,Top Housing Official,Defied White House;Geithner Fires Back,” Huffington Post,July 31,2012,http://www.huffi ngtonpost.com/2012/07/31/eddemarcoprincipalreduction_n_1724880.html.
1703431150
1703431151 [18]Annie Lowrey,“White House Urged to Fire a Housing Regulator,” New York Times,March 17,2013.
1703431152
1703431153 [19]参见与《下一轮新政》的作者Mike Konczal的访谈：http://www.nextnewdeal.net/rortybomb/postdebateinterviewglennhubbardhousingpolicy。
1703431154
1703431155 [20]人们通常认为当出现名义黏性时，由于总需求的外部性，金融市场的结果可能是无效率的。参见Emmanuel Farhi and Ivan Werning,“On the Inefficiency of Financial Market Equilibria in Macroeconomic Models with Nominal Rigidities” （working paper,Harvard University,2013）。正如该文所示，我们所建议的转移支付就是有意义的。
1703431156
1703431157 [21]例如，一种常见的反驳观点认为：有7500亿美元资不抵债的住房抵押贷款债务。即使给了负债家庭7500亿美元，他们也可能每1美元只花0.1美元，总支出仅有750亿美元，这相对于GDP总量来说很小。然而，这种测算完全忽略了止赎对房价的连锁影响，以及对就业的连锁影响，就像我们在第5章所解释的，这些影响是非常大的。
1703431158
1703431159 [22]Martin Feldstein,“How to Stop the Drop in Home Values,” New York Times,October 12,2011.
1703431160
1703431161 [23]Goldfarb,“Why Housing Is Still Hindering the Recovery.”
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1703431163 [24]Craig Torres,“Household Debt Restructuring in U.S.Would Stimulate Growth,Reinhart Says,” Bloomberg,August 5,2011.
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1703431165 [25]Murray N.Rothbard,The Panic of 1819:Reactions and Policies （New York:Columbia University Press,1962）,7.
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1703431167 [26]Patrick Bolton and Howard Rosenthal,“Political Intervention in Debt Contracts,”Journal of Political Economy 110 （2002）:1103-34.
1703431168
1703431169 [27]Rothbard,Panic of 1819,24.
1703431170
1703431171 [28]Bolton and Rosenthal,“Political Intervention.”
1703431172
1703431173 [29]Rothbard,Panic of 1819.
1703431174
1703431175 [30]同上。
1703431176
1703431177 [31]同上，第28页。
1703431178
1703431179 [32]Price Fishback,Jonathan Rose,and Kenneth Snowden,Well Worth Saving:How the New Deal Safeguarded Home Ownership （Chicago:University of Chicago Press,2013）.
1703431180
1703431181 [33]同上。
1703431182
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