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1 Introduction and Summary -- 1.1 The Need for a Theory of Production for Financial Firms -- 1.2 Issues in Technology and Regulation -- 1.3 User Cost Derivation -- 1.4 A Model of the Financial Firm -- 1.5 Data and Data Construction -- 1.6 Specification and Hypothesis Testing -- 1.7 Empirical...
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On November 25, 2008, the Federal Reserve announced it would purchase mortgage-backed securities (MBS). This program affected mortgage rates through three channels: (1) improved market functioning in both primary and secondary mortgage markets, (2) clearer government backing for Fannie Mae and...
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