Seminar

Webex-seminar: Effects of LTV announcements in EU economies

On Tuesday March 2nd 2021, Dimitris Mokas (UvA) will give an online presentation titled: "Webex-seminar: Effects of LTV announcements in EU economies." To attend this seminar, please send an e-mail to Simone Pailer (S.Pailer@cpb.nl). Then you will receive a Webex-invitation via Outlook.

Date
March 2, 2021
Time
13:00 - 14:00
Location
Online (Webex). To attend this seminar, please send an e-mail to Simone Pailer (S.Pailer@cpb.nl). Then you will receive a Webex-invitation via Outlook.
Presentation
Dimitris Mokas (UvA)
Discussant
Adam Elbourne (CPB)
Working language
English

Earlier studies on macroprudential policies focus on implementation dates and ignore potential anticipation effects. We collect monthly data on announcements of loan-to-value (LTV) ratio restrictions covering EU economies during 2000-2019. We show that announcements of LTV policies can have a sizeable impact on household credit, house prices and household durable goods consumption. New mortgage lending rates appear to increase following the announcement of an LTV ratio restriction. The estimated contractionary effects are driven mostly by binding actions and actions with non-discretionary components, suggesting that the design of macroprudential policies matters for their effectiveness.

Contacts

Photo of Simone Pailer
Simone Pailer +31 6 21856579 Read more