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[1]See Heidi Shierholz,Natalie Sabadish,and Nicholas Finio,“The Class of 2013
:Young Graduates Still Face Dim Job Prospects,” Economic Policy Institute Briefing Paper 360 （2013）
:1-30.
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[2]See Federal Reserve Bank of New York,Quarterly Report on Household Debt and Credit,February 2013,http://www.newyorkfed.org/research/national_economy/householdcredit/DistrictReport_Q42012.pdf.
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[3]Andrew Martin and Andrew Lehren,“A Generation Hobbled by the Soaring Cost of College,” New York Times,May 12,2012.
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[4]Tara Siegel Bernard,“In Grim Job Market,Student Loans Are a Costly Burden,”New York Times,April 18,2009.
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[5]See Charley Stone,Carl Van Horn,and Cliff Zukin,“Chasing the American Dream
:Recent College Graduates and the Great Recession,” in Work Trends
:Americans’Attitudes about Work,Employers,and Government （Rutgers University,May 2012）,http://media.philly.com/documents/20120510_Chasing_American_Dream.pdf;and Meta Brown and Sydnee Caldwell,“Young Student Loan Borrowers Retreat from Housing and Auto Markets,” Federal Reserve Bank of New York Liberty Street Economics Blog,April 17,2013,http://libertystreeteconomics.newyorkfed.org/2013/04/youngstudentloanborrowersretreatfromhousingandautomarkets.html.
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[6]Martin and Lehren,“A Generation Hobbled.”
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[7]Bernard,“In Grim Job Market.”
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[8]本章的很多思想受Robert Shiller著作的影响，他强烈支持不论家庭债务还是主权债务都要更公平地分担风险的金融合同。例如，可以参见Stefano Athanasoulis,Robert Shiller,and Eric van Wincoop,“Macro Markets and Financial Security,” FRBNY Economic Policy Review,April 2009。 Kenneth Rogoff也提倡在主权债务方面多采用股权类工具，参见 Kenneth Rogoff ,“Global Imbalances without Tears,” Project Syndicate,March 1,2011,http://www.projectsyndicate.org/commentary/globalimbalanceswithouttears。Lord Adair Turner对债务问题及股权融资的优点给予很好的综述，参见Lord Adair Turner,“Monetary and Financial Stability
:Lessons from the Crisis and from Classic Economics Texts” （speech at South African Reserve Bank,November 2,2012）,available at http://www.fsa.gov.uk/static/pubs/speeches/1102at.pdf。
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[9]很多人认为学生教育融资应该与收入挂钩，例如，可以参见Kevin Carey,“The U.S.Should Adopt IncomeBased Loans Now,”Chronicle of Higher Education,October 23,2011; and Bruce Chapman,“A Better Way to Borrow,” Inside Higher Ed,June 8,2010。Elena Del Rey and Maria Racionero认为：“如果贷款方案是通用的，并且贷款充分考虑了教育的金融成本和放弃的收益，那么风险汇总式的收入挂钩贷款能够导致最优参与水平。”参见Elena Del Rey and Maria Racionero,“Financing Schemes for Higher Education,” European Journal of Political Economy 26（2010）
:104-13。
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[10]Milton Friedman,“The Role of Government in Education,” in Economics and the Public Interest,ed.Robert A Solo （New Brunswick,NJ
:Rutgers University Press,1955）,http://www.edchoice.org/TheFriedmans/TheFriedmansonSchoolChoice/TheRoleofGovernmentinEducationpercent281995 percent29.aspx.
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[11]我们并不是最先建议在住房抵押贷款融资中设置风险分担条款的人。例如，可以参见Andrew Caplin,Sewin Chan,Charles Freeman,and Joseph Tracy,Housing Partnerships （Cambridge,MA
:MIT Press,1997）; Andrew Caplin,Noel Cunningham,Mitchell Engler,and Frederick Pollock,“Facilitating Shared Appreciation Mortgages to Prevent Housing Crashes and Affordability Crises” （discussion paper 2008-12,Hamilton Project,September 2008）; and David Miles,“Housing,Leverage,and Stability in the Wider Economy” （speech at the Housing Stability and Macroeconomy
:International Perspectives Conference,Federal Reserve Bank of Dallas,November 2013）,available at http://www.bankofengland.co.uk/publications/Pages/news/2013/132.aspx。
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[12]这是一类按年而非按月支付的住房抵押贷款。
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[13]如果住房抵押贷款偿付与简的房屋价值联系在一起，那么她为了减少偿付贷款就有动机疏忽大意损害房屋价值。这种道德风险问题非常重要，可以用来解释为什么股权类合同需要以不受借款人控制的资产绩效为条件。
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[14]据 CoreLogic估算，2010年一季度1210万购房者的负净值达到8820亿美元。我们提议的债务减免要少得多，因为避免了止赎，在责任分担式住房抵押贷款方案中，房价下降的程度也会减少。
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[15]See also Xia Zhou and Christopher Carroll,“Dynamics of Wealth and Consumption
:New and Improved Measures for U.S.States,” B.E.Journal of Macroeconomics 12,no.2 （2012）.
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[16]Nakamura and Steinsson,“Fiscal Stimulus in a Monetary Union.”
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[17]Frank Fabozzi and Franco Modigliani, Mortgage and MortgageBacked Securities Markets （Boston
:Harvard Business School Press,1992）.
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[18]Miles,“Housing,Leverage,and Stability in the Wider Economy.”
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[19]See Gregor Matvos and Zhiguo He,“Debt and Creative Destruction
:Why Could Subsidizing Corporate Debt Be Optimal?” （working paper,University of Chicago Booth School of Business,March 2013）.
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[20]PierreOlivier Gourinchas and Olivier Jeanne,“Global Safe Assets” （Bank for International Settlements working paper 399,December 2012）。他们指出，“在面对全球冲击时，私人提供的价值存储手段无法提供足够的保险。只有公共安全资产可以，但也需要得到货币政策的适当支持。”
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[21]Annette Krishnamurthy and Arvind Krishnamurthy,“ShortTerm Debt and Financial Crisis
:What Can We Learn from U.S.Treasury Supply” （working paper,Kellogg School of Management,Northwestern University,May 2013）.
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[22]Mark Kamstra and Robert Shiller,“The Case for Trills
:Giving the People and Their Pension Funds a Stake in the Wealth of the Nation” （discussion paper No.1717,Cowles Foundation,Yale University,August 2009）.
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[23]Rogoff,“Global Imbalances without Tears.”
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[24]Anat Admati and Martin Hellwig,The Bankers’ New Clothes
:What’s Wrong with Banking and What to Do about It （Princeton,NJ
:Princeton University Press,2013）.
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