In this paper, we quantify the effect of loan-to-value ratio (LVR) policy, as implemented in New Zealand between 2013 and 2016, in containing mortgage loan growth and credit risk at the bank level. We use the empirical strategy proposed by the BIS and find first that the effect of the LVR policy...

This paper examines the link between monetary policy and house-price appreciation by exploiting the fact that monetary policy is set at the national level, but has different effects on state-level activity in the United States. This differential impact of monetary policy provides an exogenous...