Bibliography
References
Aastveit, Knut Are, Ragnar Enger Juelsrud, and Ella Getz Wold. 2022. “The Leverage-Liquidity Trade-Off of Mortgage Regulation.” Norges Bank Working Paper 6/2022.
Aastveit, Knut Are, Ragnar Enger Juelsrud, and Ella Getz Wold. 2026. “Does Mortgage Regulation Stabilize Consumption?” Working Paper.
Acharya, Viral V., Katharina Bergant, Matteo Crosignani, Tim Eisert, and Fergal McCann. 2022. “The Anatomy of the Transmission of Macroprudential Policies.” Journal of Finance 77 (5): 2533–75.
Akinci, Ozge, and Jane Olmstead-Rumsey. 2018. “How Effective Are Macroprudential Policies? An Empirical Investigation.” Journal of Financial Intermediation 33: 33–57.
Alam, Zohair, Adrian Alter, Jesse Eiseman, et al. 2019. Digging Deeper—Evidence on the Effects of Macroprudential Policies from a New Database. IMF Working Paper 19/66. International Monetary Fund.
Allen, Jason, Timothy Grieder, Brian Peterson, and Tom Roberts. 2020. “The Impact of Macroprudential Housing Finance Tools in Canada.” Journal of Financial Intermediation 42.
Andrews, Antony. 2024. “Contradictory Results: Reassessing the Impact of Loan-to-Value Restrictions on House Price Inflation.” Australian Economic Review 57 (3): 245–54.
Araujo, Juliana, Manasa Patnam, Adina Popescu, Fabian Valencia, and Weijia Yao. 2020. Effects of Macroprudential Policy: Evidence from over 6,000 Estimates. IMF Working Paper 20/67. International Monetary Fund. https://doi.org/10.5089/9781513545400.001.
Armstrong, Jed, Hayden Skilling, and Fang Yao. 2019. “Loan-to-Value Ratio Restrictions and House Prices: Micro Evidence from New Zealand.” Journal of Housing Economics 44: 88–98.
Bäckman, Claes, and Natalia Khorunzhina. 2024. “Interest-Only Mortgages and Consumption Growth: Evidence from a Mortgage Market Reform.” International Economic Review 65 (2): 1049–79.
Bäckman, Claes, and Chandler Lutz. 2025. “Mortgage Innovation and House Price Booms.” Journal of Urban Economics 145: 103725.
Bäckman, Claes, Patrick Moran, and Peter Van Santen. 2026. “Mortgage Design, Repayment Schedules, and Household Borrowing.” The Review of Financial Studies 39 (8): 2549–94.
Bailey, Michael, Eduardo Dávila, Theresa Kuchler, and Johannes Stroebel. 2019. “House Price Beliefs and Mortgage Leverage Choice.” Review of Economic Studies 86 (6): 2403–52.
Balke, Kasper Kragh, Markus Karlman, and Karin Kinnerud. 2024. Down-Payment Requirements: Implications for Portfolio Choice and Consumption. Working Paper.
Baron, Matthew, Emil Verner, and Wei Xiong. 2021. “Banking Crises Without Panics.” Quarterly Journal of Economics 136 (1): 51–113.
Baumeister, Christiane, and James D. Hamilton. 2023. “A Full-Information Approach to Granular Instrumental Variables.” Unpublished manuscript.
Benetton, Matteo, Marianna Kudlyak, and John Mondragon. 2022. Dynastic Home Equity. CEPR Discussion Paper No. 17464. Centre for Economic Policy Research.
Berg, Tobias, Markus Reisinger, and Daniel Streitz. 2021. “Spillover Effects in Empirical Corporate Finance.” Journal of Financial Economics 142 (3): 1109–27.
Berger, David, Veronica Guerrieri, Guido Lorenzoni, and Joseph Vavra. 2018. “House Prices and Consumer Spending.” The Review of Economic Studies 85 (3): 1502–42.
Best, Michael Carlos, James S. Cloyne, Ethan Ilzetzki, and Henrik J. Kleven. 2020. “Estimating the Elasticity of Intertemporal Substitution Using Mortgage Notches.” Review of Economic Studies 87 (2): 656–90.
Bhutta, Neil, and Daniel Ringo. 2021. “The Effect of Interest Rates on Home Buying: Evidence from a Shock to Mortgage Insurance Premiums.” Journal of Monetary Economics 118: 195–211. https://doi.org/10.1016/j.jmoneco.2020.10.001.
Bianchi, Javier. 2011. “Overborrowing and Systemic Externalities in the Business Cycle.” American Economic Review 101 (7): 3400–3426.
Boar, Corina, Denis Gorea, and Virgiliu Midrigan. 2022. “Liquidity Constraints in the U.S. Housing Market.” Review of Economic Studies 89 (3): 1120–54. https://doi.org/10.1093/restud/rdab063.
Bolliger, Elio, Adrian Bruhin, Andreas Fuster, and Maja Ganarin. 2025. “The Effect of Macroprudential Policies on Homeownership: Evidence from Switzerland.” Journal of Urban Economics 146: 103749.
Brandão-Marques, Luis, Gaston Gelos, Machiko Narita, and Erlend Nier. 2020. Leaning Against the Wind: A Cost-Benefit Analysis for an Integrated Policy Framework. IMF Working Paper 2020/123. International Monetary Fund.
Bridges, Jonathan, Christopher Jackson, and Daisy McGregor. 2017. Down in the Slumps: The Role of Credit in Five Decades of Recessions. Staff Working Paper No. 659. Bank of England.
Brown, Jennifer, and David A. Matsa. 2020. “Locked in by Leverage: Job Search During the Housing Crisis.” Journal of Financial Economics 136 (3): 623–48.
Budnik, Katarzyna Barbara, and Johannes Kleibl. 2018. Macroprudential Regulation in the European Union in 1995-2014: Introducing a New Data Set on Policy Actions of a Macroprudential Nature. ECB working paper.
Buiter, Willem H. 2010. “Housing Wealth Isn’t Wealth.” Economics: The Open-Access, Open-Assessment E-Journal 4 (2010-22): 1–29. https://doi.org/10.5018/economics-ejournal.ja.2010-22.
Caloia, Francesco. 2024. “Borrower-Based Measures, House Prices and Household Debt.” Journal of International Money and Finance 143.
Castellanos, Juan, Andrew Hannon, and Gonzalo Paz Pardo. 2024. The Aggregate and Distributional Implications of Credit Shocks on Housing and Rental Markets. ECB working paper.
Cerra, Valerie, and Sweta Chaman Saxena. 2008. “Growth Dynamics: The Myth of Economic Recovery.” American Economic Review 98 (1): 439–57.
Cerutti, Eugenio, Stijn Claessens, and Luc Laeven. 2017. “The Use and Effectiveness of Macroprudential Policies: New Evidence.” Journal of Financial Stability 28: 203–24.
Chi, Chun-Che, Cameron LaPoint, and Ming-Jen Lin. 2024. “Spatially Targeted LTV Policies and Collateral Values.” Unpublished manuscript.
Chodorow-Reich, Gabriel. 2019. “Geographic Cross-Sectional Fiscal Spending Multipliers: What Have We Learned?” American Economic Journal: Economic Policy 11 (2): 1–34.
Cizel, Janko, Jon Frost, Aerdt Houben, and Peter Wierts. 2019. “Effective Macroprudential Policy: Cross-Sector Substitution from Price and Quantity Measures.” Journal of Money, Credit and Banking 51: 1209–35.
Dávila, Eduardo, and Anton Korinek. 2018. “Pecuniary Externalities in Economies with Financial Frictions.” Review of Economic Studies 85 (1): 352–95.
DeFusco, Anthony A., Stephanie Johnson, and John Mondragon. 2020. “Regulating Household Leverage.” Review of Economic Studies 87 (2): 914–58.
DeFusco, Anthony A., and Andrew Paciorek. 2017. “The Interest Rate Elasticity of Mortgage Demand: Evidence from Bunching at the Conforming Loan Limit.” American Economic Journal: Economic Policy 9 (1): 210–40.
Eerola, Essi, Teemu Lyytikäinen, and Sander Ramboer. 2023. “The Impact of Mortgage Regulation on Homeownership and Household Leverage.” VATT Working Paper.
Fagereng, Andreas, Matthieu Gomez, Émilien Gouin-Bonenfant, Martin Holm, Benjamin Moll, and Gisle Natvik. 2025. “Asset-Price Redistribution.” Journal of Political Economy 133 (11): 3494–549. https://doi.org/10.1086/736769.
Farhi, Emmanuel, and Iván Werning. 2016. “A Theory of Macroprudential Policies in the Presence of Nominal Rigidities.” Econometrica 84 (5): 1645–704.
Favara, Giovanni, and Jean Imbs. 2015. “Credit Supply and the Price of Housing.” The American Economic Review 105 (3): 958–92.
Favilukis, Jack, Sydney C. Ludvigson, and Stijn Van Nieuwerburgh. 2017. “The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium.” Journal of Political Economy 125 (1): 140–223.
Fernández-Gallardo, Álvaro, Simon Lloyd, and Ed Manuel. 2023. The Transmission of Macroprudential Policy in the Tails: Evidence from a Narrative Approach. Staff Working Paper No. 1027. Bank of England.
Franta, Michal, and Leonardo Gambacorta. 2020. “On the Effects of Macroprudential Policies on Growth-at-Risk.” Economics Letters 196: 109501. https://doi.org/10.1016/j.econlet.2020.109501.
Fuster, Andreas, and Basit Zafar. 2021. “The Sensitivity of Housing Demand to Financing Conditions: Evidence from a Survey.” American Economic Journal: Economic Policy 13 (1): 231–65. https://doi.org/10.1257/pol.20150337.
Gabaix, Xavier, and Ralph SJ Koijen. 2024. “Granular Instrumental Variables.” Journal of Political Economy 132 (7): 2274–303.
Ganong, Peter, and Pascal Noel. 2020. “Liquidity Versus Wealth in Household Debt Obligations: Evidence from Housing Policy in the Great Recession.” American Economic Review 110 (10): 3100–3138. https://doi.org/10.1257/aer.20181243.
Ganong, Peter, and Pascal Noel. 2023. “Why Do Borrowers Default on Mortgages?” Quarterly Journal of Economics 138 (2): 1001–65.
Gatt, William. 2024. “Loan-to-Value Limits as a Macroprudential Policy Tool: Developments in Theory and Practice.” Journal of Economic Surveys 38 (1): 232–67. https://doi.org/10.1111/joes.12548.
Gertler, Mark, and Simon Gilchrist. 2019. The Channels of Financial Distress During the Great Recession: Some Evidence on the Aggregate Effects. Working Paper. New York University; NBER.
Gete, Pedro, and Michael Reher. 2018. “Mortgage Supply and Housing Rents.” Review of Financial Studies 31 (12): 4884–911.
Greenwald, Daniel. 2026. “The Mortgage Credit Channel of Macroeconomic Transmission.” Journal of Financial Economics, Accepted.
Greenwald, Daniel L., and Adam Guren. 2025. “Do Credit Conditions Move House Prices?” American Economic Review 115 (10): 3559–96.
Greenwood, Robin, Samuel G. Hanson, Andrei Shleifer, and Jakob Ahm Sørensen. 2022. “Predictable Financial Crises.” Journal of Finance 77 (2): 863–921.
Grodecka, Anna. 2020. “On the Effectiveness of Loan-to-Value Regulation in a Multiconstraint Framework.” Journal of Money, Credit and Banking 52 (5): 1231–70.
Guren, Adam. 2026. Reassessing the 2000s Housing Cycle After Two Decades of Research. Working Paper No. 35863. Working Paper Series. National Bureau of Economic Research. https://doi.org/10.3386/w35863.
Han, Lu, Chandler Lutz, Benjamin Sand, and Derek Stacey. 2021. “The Effects of a Targeted Financial Constraint on the Housing Market.” Review of Financial Studies 34 (8): 3742–88. https://doi.org/10.1093/rfs/hhab047.
He, Zhiguo, and Péter Kondor. 2016. “Inefficient Investment Waves.” Econometrica 84 (2): 735–80.
Higgins, Brian. 2026. “Differential Effects of LTV and LTI Limits on Mortgage Choices.” Available at SSRN 6534382.
Huber, Kilian. 2018. “Disentangling the Effects of a Banking Crisis: Evidence from German Firms and Counties.” American Economic Review 108 (3): 868–98.
Huber, Kilian. 2023. “Estimating General Equilibrium Spillovers of Large-Scale Shocks.” Review of Financial Studies 36 (4): 1548–84.
Jeanne, Olivier, and Anton Korinek. 2019. “Managing Credit Booms and Busts: A Pigouvian Taxation Approach.” Journal of Monetary Economics 107: 2–17.
Johnson, Stephanie. 2020. Mortgage Leverage and House Prices. Working Paper. Rice University.
Jordà, Òscar, Moritz Schularick, and Alan M. Taylor. 2013. “When Credit Bites Back.” Journal of Money, Credit and Banking 45 (s2): 3–28.
Jordà, Òscar, Moritz Schularick, and Alan M. Taylor. 2015. “Leveraged Bubbles.” Journal of Monetary Economics 76: S1–20.
Jordà, Òscar, Moritz Schularick, and Alan M. Taylor. 2016. “The Great Mortgaging: Housing Finance, Crises and Business Cycles.” Economic Policy 31 (85): 107–52.
Kabas, Gazi, and Kasper Roszbach. 2023. “The Price of Leverage: Learning from the Effect of LTV Constraints on Job Search and Wages.” Available at SSRN 3835232.
Kaplan, Greg, Kurt Mitman, and Giovanni L. Violante. 2020. “The Housing Boom and Bust: Model Meets Evidence.” Journal of Political Economy 128 (9): 3285–345.
Kaplan, Greg, Giovanni L. Violante, and Justin Weidner. 2014. “The Wealthy Hand-to-Mouth.” Brookings Papers on Economic Activity 45 (1): 77–153.
Karapetyan, Artashes, Jens Soerlie Kvaerner, and Maximilian Rohrer. 2024. “Inefficient Regulation: Mortgages Versus Total Credit.” Review of Finance 28 (1): 311–51.
Kelly, Robert, Fergal McCann, and Conor O’Toole. 2018. “Credit Conditions, Macroprudential Policy and House Prices.” Journal of Housing Economics 41: 153–67.
Kelly, Robert, Terence O’Malley, and Conor O’Toole. 2015. Designing Macro-Prudential Policy in Mortgage Lending: Do First Time Buyers Default Less? Research Technical Paper 02/RT/15. Central Bank of Ireland.
Kinghan, Christina, and Fergal McCann. 2019. Lending Above Macroprudential Mortgage Limits: The Irish Experience Since 2015. Central Bank of Ireland.
Kinghan, Christina, Yvonne McCarthy, and Conor O’Toole. 2022. “How Do Macroprudential Loan-to-Value Restrictions Impact First Time Home Buyers? A Quasi-Experimental Approach.” Journal of Banking & Finance 138: 105678. https://doi.org/10.1016/j.jbankfin.2019.105678.
Kirti, Divya. 2018. Lending Standards and Output Growth. IMF Working Paper 18/23. International Monetary Fund.
Kiyotaki, Nobuhiro, and John Moore. 1997. “Credit Cycles.” Journal of Political Economy 105 (2): 211–48.
Korinek, Anton, and Alp Simsek. 2016. “Liquidity Trap and Excessive Leverage.” American Economic Review 106 (3): 699–738.
Krishnamurthy, Arvind, and Tyler Muir. 2025. “How Credit Cycles Across a Financial Crisis.” Journal of Finance 80 (3): 1339–78. https://doi.org/10.1111/jofi.13431.
Lamont, Owen, and Jeremy C. Stein. 1999. “Leverage and House-Price Dynamics in U.S. Cities.” RAND Journal of Economics 30 (3): 498–514.
Laufer, Steven, and Nitzan Tzur-Ilan. 2021. “The Effect of LTV-Based Risk Weights on House Prices: Evidence from an Israeli Macroprudential Policy.” Journal of Urban Economics 124: 103349. https://doi.org/10.1016/j.jue.2021.103349.
Lorenzoni, Guido. 2008. “Inefficient Credit Booms.” The Review of Economic Studies 75 (3): 809–33.
Loutskina, Elena, and Philip E. Strahan. 2015. “Financial Integration, Housing, and Economic Volatility.” Journal of Financial Economics 115 (1): 25–41.
Malovaná, Simona, Martin Hodula, Zuzana Gric, and Josef Bajzík. 2025. “Borrower-Based Macroprudential Measures and Credit Growth: How Biased Is the Existing Literature?” Journal of Economic Surveys 39 (1): 66–102.
Matthes, Christian, Naoya Nagasaka, and Felipe Schwartzman. 2025. “Estimating the Missing Intercept.” Working Paper.
McCann, Fergal, and Conor O’Toole. 2019. “Cross-Border Macroprudential Policy Spillovers and Bank Risk-Taking.” International Journal of Central Banking 15 (4).
Mian, Atif, Kamalesh Rao, and Amir Sufi. 2013. “Household Balance Sheets, Consumption, and the Economic Slump.” Quarterly Journal of Economics 128 (4): 1687–726.
Mian, Atif, Andrés Sarto, and Amir Sufi. 2026. “Estimating Credit Multipliers.” In Working Paper.
Mian, Atif, and Amir Sufi. 2009. “The Consequences of Mortgage Credit Expansion: Evidence from the US Mortgage Default Crisis.” The Quarterly Journal of Economics 124 (4): 1449–96.
Mian, Atif, and Amir Sufi. 2011. “House Prices, Home Equity–Based Borrowing, and the Us Household Leverage Crisis.” American Economic Review 101 (5): 2132–56.
Mian, Atif, and Amir Sufi. 2014. “What Explains the 2007–2009 Drop in Employment?” Econometrica 82 (6): 2197–223.
Mian, Atif, Amir Sufi, and Emil Verner. 2017. “Household Debt and Business Cycles Worldwide.” Quarterly Journal of Economics 132 (4): 1755–817.
Milgrom, Paul, and Ilya Segal. 2002. “Envelope Theorems for Arbitrary Choice Sets.” Econometrica 70 (2): 583–601.
Moretti, Laura, and Luca Riva. 2025. “The Impact of Borrower-Based Measures: An International Comparison.” Central Bank of Ireland Research Paper Series.
Müller, Karsten, and Emil Verner. 2024. “Credit Allocation and Macroeconomic Fluctuations.” Review of Economic Studies 91 (6): 3645–76.
Nielsen, Kasper Meisner. 2019. “Loan-to-Value Limits and House Prices.” Unpublished manuscript.
Ortalo-Magné, François, and Sven Rady. 2006. “Housing Market Dynamics: On the Contribution of Income Shocks and Credit Constraints.” Review of Economic Studies 73 (2): 459–85. https://doi.org/10.1111/j.1467-937X.2006.383_1.x.
Peydró, Jose-Luis, Francesc Rodriguez-Tous, Jagdish Tripathy, and Arzu Uluc. 2026. “Distributional Consequences of Borrower-Based Macroprudential Tools.” In Research Handbook of Macroprudential Policy. Edward Elgar Publishing.
Peydró, José-Luis, Francesc Rodriguez-Tous, Jagdish Tripathy, and Arzu Uluc. 2024. “Macroprudential Policy, Mortgage Cycles, and Distributional Effects: Evidence from the United Kingdom.” Review of Financial Studies 37 (3): 727–60.
Richter, Björn, Moritz Schularick, and Ilhyock Shim. 2019. “The Costs of Macroprudential Policy.” Journal of International Economics 118: 263–82. https://doi.org/10.1016/j.jinteco.2018.11.011.
Romer, Christina D., and David H. Romer. 2017. “New Evidence on the Aftermath of Financial Crises in Advanced Countries.” American Economic Review 107 (10): 3072–118.
Sarto, Andrés. 2025a. “Recovering Macro Elasticities from Regional Data.” Journal of Political Economy Macroeconomics.
Sarto, Andrés. 2025b. “The Channels of Amplification: Dissecting the Credit Boom That Led to the Global Financial Crisis.” Working Paper.
Schularick, Moritz, and Alan M. Taylor. 2012. “Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870–2008.” American Economic Review 102 (2): 1029–61.
Sinai, Todd, and Nicholas S. Souleles. 2005. “Owner-Occupied Housing as a Hedge Against Rent Risk.” Quarterly Journal of Economics 120 (2): 763–89.
Sodini, Paolo, Stijn Van Nieuwerburgh, Roine Vestman, and Ulf von Lilienfeld-Toal. 2023. “Identifying the Benefits from Homeownership: A Swedish Experiment.” American Economic Review 113 (12): 3173–212.
Stein, Jeremy C. 1995. “Prices and Trading Volume in the Housing Market: A Model with down-Payment Effects.” Quarterly Journal of Economics 110 (2): 379–406.
Tracey, Belinda, and Neeltje Van Horen. 2025. Credit Constraints and the Redistribution of Housing Wealth. Centre for Economic Policy Research.
Tzur-Ilan, Nitzan. 2023. “Adjusting to Macroprudential Policies: Loan-to-Value Limits and Housing Choice.” Review of Financial Studies 36 (10): 3999–4044.
Van Bekkum, Sjoerd, Marc Gabarro, Rustom M. Irani, and José-Luis Peydró. 2024. “The Real Effects of Borrower-Based Macroprudential Policy: Evidence from Administrative Household-Level Data.” Journal of Monetary Economics 147: 103574.
Verner, Emil, and Gyözö Gyöngyösi. 2020. “Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis.” American Economic Review 110 (9): 2667–702.
Wold, Ella Getz, Knut Are Aastveit, Eirik Eylands Brandsaas, Ragnar Enger Juelsrud, and Gisle James Natvik. 2024. The Housing Channel of Intergenerational Wealth Persistence. Working Paper.
Wolf, Christian K. 2023. “The Missing Intercept: A Demand Equivalence Approach.” American Economic Review 113 (8): 2232–69.