000	02078nam  2200337zi 4500
001	9.937205
003	CaOODSP
005	20240419141954
006	m     o  d f
007	cr |n|||||||||
008	240419t20242024oncd    ob   f|0| 0 eng d
040	|aCaOODSP|beng|erda|cCaOODSP
043	|an-cn---
086	1 |aFB3-5/2024-11E-PDF
100	1 |aTian, Phoebe, |eauthor.
245	10|aUnintended consequences of the Home Affordable Refinance Program / |cby Phoebe Tian and Chen Zheng.
264	1|a[Ottawa] : |bBank of Canada = Banque du Canada, |c2024.
264	4|c©2024
300	|a1 online resource (ii, 60 pages) : |bcharts.
336	|atext|btxt|2rdacontent
337	|acomputer|bc|2rdamedia
338	|aonline resource|bcr|2rdacarrier
490	1 |aStaff working paper = Document de travail du personnel, |y1701-9397 ; |v2024-11
500	|a"Last updated: April 11, 2024."
504	|aIncludes bibliographical references.
520	|a"We study the unintended effects of the Home Affordable Refinance Program (HARP) on mortgage borrowers. Originally designed to help financially distressed borrowers refinance after the 2008–09 global financial crisis, HARP inadvertently amplified the market power of incumbent lenders by introducing a cost differential between incumbents and their competitors. To assess the welfare implications of this cost advantage, we develop and estimate a structural model of dynamic refinancing decisions with lenders’ offers arising from a search and negotiation process. Our findings reveal that although the cost asymmetry was rectified by a 2013 policy, it still resulted in a welfare loss exceeding the impact of search frictions"--Abstract, page ii.
650	0|aMortgage loans|xRefinancing|zCanada.
650	0|aPrêts hypothécaires|xRefinancement|zCanada.
710	2 |aBank of Canada, |eissuing body.
830	#0|aStaff working paper (Bank of Canada)|v2024-11.|w(CaOODSP)9.806221
856	40|qPDF|s898 KB|uhttps://publications.gc.ca/collections/collection_2024/banque-bank-canada/FB3-5-2024-11-eng.pdf