effects of such a macroprudential policy on mortgage and house price cycles. For identification, we exploit the universe of UK …-price correction), the 2014-policy strongly implies — via lower pre-correction debt — better house prices and mortgage defaults during …

mortgage tax from being levied on borrowers to being levied on banks; (ii) some areas, for historical reasons, were exempt from … results: First, after the policy change, the average mortgage rate increases consistently with a strong - but not complete …-full tax pass-through, the tax shift increases banks' risk-taking. More affected banks reduce costly mortgage insurance in case …