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Mortgage Debt and Procyclicality in the Housing Market

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This article focuses on the role that loans backed by housing collateral play in amplifying housing booms and, more generally, procyclicality in the housing market. The author uses a model developed to include borrower and lender households, as well as a housing market, to examine the impact that altering the loan-to-value ratio (either permanently or countercyclically) might have on the volatility of house prices and mortgage debt.

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  • Ian Christensen, 2011. "Mortgage Debt and Procyclicality in the Housing Market," Bank of Canada Review, Bank of Canada, vol. 2011(Summer), pages 35-42.
  • Handle: RePEc:bca:bcarev:v:2011:y:2011:i:summer11:p:35-42
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    File URL: http://www.bankofcanada.ca/wp-content/uploads/2011/08/christensen.pdf
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    1. repec:eee:finsta:v:29:y:2017:i:c:p:92-105 is not listed on IDEAS
    2. Gross, Marco & Población, Javier, 2017. "Assessing the efficacy of borrower-based macroprudential policy using an integrated micro-macro model for European households," Economic Modelling, Elsevier, vol. 61(C), pages 510-528.
    3. Eric Wong & Andrew Tsang & Steven Kong, 2016. "How Does Loan-To-Value Policy Strengthen Resilience of Banks to Property Price Shocks ¡V Evidence from Hong Kong," International Real Estate Review, Asian Real Estate Society, vol. 19(1), pages 120-149.
    4. repec:clh:resear:v:8:y:2015:i:34 is not listed on IDEAS

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