One natural reason why MBS may be less money-like than Treasury securities is their exposure to prepayment risk. BIS central bankers’ speeches  7  As I noted earlier, a natural response for any firm facing an unusually low term premium is to adjust its capital structure by issuing cheap long-term debt to replace its shorter-term debt.
The severe contraction in the numbers at work was somewhat mitigated by the continued availability of jobs abroad, both for recent immigrants who wished to return to their place of origin and others who sadly resumed the historical pattern of seeking employment opportunities abroad when few were available at home.