| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27292 |
| 来源ID | Working Paper 27292 |
| The Anatomy of the Transmission of Macroprudential Policies | |
| Viral V. Acharya; Katharina Bergant; Matteo Crosignani; Tim Eisert; Fergal J. McCann | |
| 发表日期 | 2020-06-01 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We analyze how regulatory constraints on household leverage—in the form of loan-to-income and loan-to-value limits—affect residential mortgage credit and house prices as well as other asset classes not directly targeted by the limits. Supervisory loan level data suggest that mortgage credit is reallocated from low-to high-income borrowers and from urban to rural counties. This reallocation weakens the feedback loop between credit and house prices and slows down house price growth in “hot” housing markets. Consistent with constrained lenders adjusting their portfolio choice, more-affected banks drive this reallocation and substitute their risk-taking into holdings of securities and corporate credit. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w27292 |
| 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/584963 |
| 推荐引用方式 GB/T 7714 | Viral V. Acharya,Katharina Bergant,Matteo Crosignani,et al. The Anatomy of the Transmission of Macroprudential Policies. 2020. |
| 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 | ||
| w27292.pdf（798KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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