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dc.contributor.authorAllen, Jasonen
dc.contributor.authorClark, Roberten
dc.contributor.authorHoude, Jean-Françoisen
dc.date.accessioned2011-02-04-
dc.date.accessioned2011-12-15T12:58:21Z-
dc.date.available2011-12-15T12:58:21Z-
dc.date.issued2011-
dc.identifier.pidoi:10.34989/swp-2011-3en
dc.identifier.urihttp://hdl.handle.net/10419/53930-
dc.description.abstractThis paper studies discounting in mortgage markets. Using transaction-level data on Canadian mortgages, we document that over time there's been an increase in the average discount, along with substantial dispersion. The standard explanation for dispersion in credit markets is that lenders engage in risk-based pricing. Our setting is unique since contracts are guaranteed by government-backed insurance, meaning risk cannot be the main driver of dispersion. We find that mortgage rates depend on individual, contractual, and shopping market characteristics. There is also an important amount of unobserved heterogeneity in rates, which could be attributed to search costs.en
dc.language.isoengen
dc.publisher|aBank of Canada |cOttawaen
dc.relation.ispartofseries|aBank of Canada Working Paper |x2011-3en
dc.subject.jelD4en
dc.subject.jelG21en
dc.subject.jelL0en
dc.subject.ddc330en
dc.subject.keywordFinancial institutionsen
dc.subject.keywordFinancial servicesen
dc.subject.stwFinanzmarkten
dc.subject.stwHypotheken
dc.subject.stwInformationskostenen
dc.subject.stwDiskontpolitiken
dc.subject.stwKanadaen
dc.titleDiscounting in mortgage markets-
dc.typeWorking Paperen
dc.identifier.ppn64528078Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:bca:bocawp:11-3en

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