Writing the first draft of financial history with Byrne Hobart
Complex Systems with Patrick McKenzie (patio11)
Impact of Housing Market Microstructure on Economy and Asset Holders
The chapter discusses the unique choices made in the American housing market and the optimal holders for assets like mortgages and equities risk, emphasizing the importance of structurally aligned holders. It also explores the implications of asset volatility, highlights the socially optimal groups to bear risks, and examines the reasons why sovereign wealth funds are not natural holders for equities.
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