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NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Time-Varying Price of Financial Intermediation in the Mortgage Market

Andreas Fuster, Stephanie H. Lo, Paul S. Willen

NBER Working Paper No. 23706
Issued in August 2017

---- Acknowledgments ----

We thank John Campbell, Andy Davidson, Fernando Ferreira, Paul Goldsmith-Pinkham, Sam Hanson, Sean Hundtofte, Dwight Jaffee, Michael Reher, Adi Sunderam, Stijn Van Nieuwerburgh, Alex Zevelev, and seminar audiences at Brandeis, the Homer Hoyt Institute, FRB St. Louis, FRB New York, the Board of Governors, the NBER Summer Institute, the NYC Real Estate conference at Baruch, and the Universities of Zurich and St. Gallen for helpful comments and suggestions. The views expressed in this paper are solely those of the authors and not necessarily those of the Federal Reserve Banks of Boston or New York, the Federal Reserve System, or the National Bureau of Economic Research.

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