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Financial Intermediation, the Mortgage Market, and Macroprudential Regulation

Körner, Jenny


This article analyzes the effects of macroprudential regulation in a dynamic stochastic general equilibrium model (DSGE) model with a mortgage market where banks and borrowers are subject to a leverage constraint. I evaluate the economic impact of (i) a countercyclical non-risk-adjusted bank capital (BC) requirement ratio, (ii) a countercyclical loan-to-value ratio (LTV), and (iii) both rules ...


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