A DSGE-based assessment of nonlinear loan-to-Value policies: Evidence from Hong Kong
نویسندگان
چکیده
After the financial crises from 2008-2009, the design of macroprudential policies has arrived in the centre of the macroeconomic discussion. With respect to house price booms, recent research suggest the use of loan-to-value (LTV) policies as a stabilization tool. However, policymakers are rather reluctant and change LTV ratios only in the case of extreme events. This paper builds a Hong Kong specific New Keynesian DSGE model to analyse LTV policies. We conclude that linear Taylor-type rules can increase the volatility of the business cycle, while nonlinear rules, reacting on very high property price inflation, can help to reduce the transmission of house price cycles on the real economy.
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