Mortgage underwriting and house prices: Evidence from the 2011 change in the Dutch Code of Conduct for mortgage loans
利用合成控制法比较荷兰与其他欧洲国家房价走势，发现2011年收紧的抵押贷款行为准则在实施后两年内显著压低了荷兰房价。
Abstract During the Global Financial Crisis, house prices sharply declined in all West‐European countries, but after an initial recovery the Dutch housing market experienced a second dip. This paper examines whether the introduction of the tightened Code of Conduct for Mortgage Loans in 2011 had an effect on Dutch house prices. We compare the evolution of Dutch house prices with a synthetic control of other European countries. Our results suggest that the introduction of the new Code of Conduct did indeed have a substantial negative effect on Dutch house prices in the 2 years following its introduction. Several robustness checks confirm this conclusion.