than less. Suppose that a household plans to finance a given housing purchase through a preferred future mortgage path. If … that mortgage path violates a new amortization requirement, the household can still achieve its preferred mortgage path … the mortgage rate, because then the excess borrowing is costless. But even if the savings interest rate is less than the …

that mortgage lending boosted by expansionary monetary policy is driving up house prices. But theory suggests the value of … incomes and financial assets play a larger role. Policy experiments suggest that a gradual phasing out of mortgage interest …

experiences from Iceland, Ireland, Spain, and the United States, this paper discusses how economic trade-offs affecting mortgage …In housing crises, high mortgage debt can feed a vicious circle of falling housing prices and declining consumption and … incomes, leading to higher mortgage defaults and deeper recessions. In such situations, resolution policies may need to be …

evaluate the importance of balance sheet vulnerabilities combined with the presence of the financial accelerator for emerging … financial accelerator and potential balance sheet vulnerabilities for macroeconomic fluctuations. Furthermore, our estimates of …