| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24989 |
| 来源ID | Working Paper 24989 |
| The Costs of Macroprudential Policy | |
| Björn Richter; Moritz Schularick; Ilhyock Shim | |
| 发表日期 | 2018-09-10 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Central banks increasingly rely on macroprudential measures to manage the financial cycle. However, the effects of such policies on the core objectives of monetary policy to stabilise output and inflation are largely unknown. In this paper, we quantify the effects of changes in maximum loan-to-value (LTV) ratios on output and inflation. We rely on a narrative identification approach based on detailed reading of policy-makers’ objectives when implementing the measures. We find that over a four year horizon, a 10 percentage point decrease in the maximum LTV ratio leads to a 1.1% reduction in output. As a rule of thumb, the impact of a 10 percentage point LTV tightening can be viewed as roughly comparable to that of a 25 basis point increase in the policy rate. However, the effects are imprecisely estimated and the effect is only present in emerging market economies. We also find that tightening LTV limits has larger economic effects than loosening them. At the same time, we show that changes in maximum LTV ratios have substantial effects on credit and house price growth. Using inverse propensity weights to rerandomise LTV actions, we show that these effects are likely causal. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w24989 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582663 |
| 推荐引用方式 GB/T 7714 | Björn Richter,Moritz Schularick,Ilhyock Shim. The Costs of Macroprudential Policy. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24989.pdf（443KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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