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A model of borrower reputation as intangible collateral

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Figure

Figure 1: CMO margins at Ellington (reprinted from Geannakoplos (2009))
Figure 2: Loan to Value Ratios in the US: 1973-2008 (Source: FHFA)
Table 1: Baseline calibration
Figure 3: Intangible collateral as % of output
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