Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options

Article Abstract:

This paper discusses a unified model of the competing risks of mortgage termination by prepayment and default, considering the two hazards as dependent competing risks that are estimated jointly.

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Inflation and Welfare

Article Abstract:

This paper discusses research on the welfare cost of inflation. New estimates, interpreted in a variety of ways, are provided, based on U.S. time series for 1900-94.

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Assortative Matching and Search

Article Abstract:

This paper proves existence of a search equilibrium with a continuum of types, and then characterize matching.

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