The Anatomy of the Transmission of Macroprudential Policies
分析了贷款收入比和贷款价值比限制如何影响抵押贷款和房价，发现信贷从低收入借款人流向高收入者、从城市流向农村，削弱了信贷与房价的反馈，并促使银行转向证券和企业信贷。
ABSTRACT 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. 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 between credit and house prices and slows house price growth in “hot” housing markets. Banks whose lending to households is more affected by the regulatory constraint drive this reallocation, but also substitute their risk‐taking into holdings of securities and corporate credit.