Refinancing Frictions, Mortgage Pricing and Redistribution

We would like to thank Andreas Fuster, Morris Davis, David Zhang, Lu Liu and Kris Gerardi (all of them discussants), Fernando Alvarez, You Suk Kim, and James Vickery (for helpful discussions) and seminar participants at USC, UIUC, Northwestern University, UCLA, Copenhagen Business School, the Federal Reserve Board, UIC, Princeton, Baruch College, McGill, Cleveland Fed, Dallas Fed, Philadelphia Fed, Norges Bank, NYU Stern, University of Chicago Booth, BU Finance, Einaudi Institute for Economics and Finance, Society of Economic Dynamics, Chicago Fed Housing and Racial Bias Workshop, Rio FGV, TAU, Adam Smith Workshop and UCLA/SF Fed conference on Housing, Financial Markets, and Monetary Policy (for helpful feedback). Fabrice Tourre acknowledges financial support from the Bert and Sandra Wasserman endowment. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.