We study mortgage design features aimed at stabilizing the macroeconomy. We model overlapping generations of borrowers and an infinitely lived risk-averse representative lender. Mortgages are priced using an equilibrium pricing kernel derived from the lender's endogenous consumption. We consider an adjustable-rate mortgage with an option that during recessions allows borrowers to pay only interest on their loan and extend its maturity. The option stabilizes consumption growth over the business cycle, shifts defaults to expansions, and enhances welfare. The cyclical properties of the contract are attractive to a risk-averse lender so that the mortgage can be provided at a relatively low cost.

中文翻译：

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为宏观经济稳定构建抵押贷款

我们研究旨在稳定宏观经济的抵押贷款设计特征。我们对重叠的几代借款人和一个无限生活的规避风险的代表性贷款人进行建模。抵押贷款使用源自贷方内生消费的均衡定价内核定价。我们考虑可调整利率抵押贷款，该抵押贷款在经济衰退期间允许借款人仅支付贷款利息并延长其到期日。该选项在整个商业周期内稳定消费增长，将违约转变为扩张，并提高福利。合同的周期性特性对规避风险的贷方很有吸引力，因此可以以相对较低的成本提供抵押贷款。