dc.contributor.author | Ingholt, Marcus Mølbak | |
dc.date.accessioned | 2020-12-01T13:12:57Z | |
dc.date.available | 2020-12-01T13:12:57Z | |
dc.date.issued | 2020 | |
dc.identifier.isbn | 978-82-8379-163-1 | |
dc.identifier.issn | 1502-8190 | |
dc.identifier.uri | https://hdl.handle.net/11250/2711211 | |
dc.description.abstract | I explore the macroeconomic implications of borrowers facing both loan-to-value (LTV) and debt-service-to-income (DTI) limits, using an estimated DSGE model. I identify when each constraint dominated over the period 1984-2019: LTV constraints dominate in contractions, when house prices are relatively low – and DTI constraints dominate in expansions, when interest rates are relatively high. I also find that DTI standards were relaxed during the mid-2000s’ boom, and that lower DTI limits or higher interest rates, but not lower LTV limits, would have prevented the boom. Finally, county panel data attest to multiple credit constraints as a source of nonlinear dynamics. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | Norges Bank | en_US |
dc.relation.ispartofseries | Working Paper;10/2020 | |
dc.relation.haspart | Multiple Credit Constraints and Time-Varying Macroeconomic Dynamics | en_US |
dc.relation.haspart | Online Appendix | en_US |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no | * |
dc.subject | multiple credit constraints | en_US |
dc.subject | Nonlinear estimation of DSGE models | en_US |
dc.subject | state-dependent credit origination | en_US |
dc.subject | JEL: C33 | en_US |
dc.subject | JEL: D58 | en_US |
dc.subject | JEL: E32 | en_US |
dc.subject | JEL: E44 | en_US |
dc.title | Multiple credit constraints and timevarying macroeconomic dynamics | en_US |
dc.type | Working paper | en_US |
dc.description.version | publishedVersion | en_US |
dc.subject.nsi | VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 | en_US |
dc.source.pagenumber | 44 + 31 | en_US |