Heterogeneity and the Macro‐Economic Effects of Changes in Loan‐to‐Value Limits
利用微观层面的贷款价值比分布，计算单个经济体中贷款价值比限制变化的效应，发现限制对更多家庭有约束时，其变化对宏观经济影响更大。
Abstract A prominent approach to estimating the macro‐economic effects of loan‐to‐value (LTV) limits involves the use of cross‐country panel regressions. This approach assumes that the effects of changes in LTV limits are constant across economies and across time. In this paper, we develop and implement an approach that uses the micro‐level LTV distribution to compute the effect of changes in the limit in an individual economy. Our approach reflects the intuition that when a limit binds for a larger fraction of households, changes in the limit have larger macro‐economic effects.