The Effect of Borrower-Specific Loan-to-Valuepolicies on Household Debt, Wealth Inequality and Consumption Volatility: An Agent-Basedanalysis
نویسندگان
چکیده
This paper analyses the effects of borrower-specific credit constraints on macroeconomic outcomes in an agent-based housing market model, calibrated using U.K. household survey data. We apply different Loan-to-Value (LTV) caps for types agents: first-time-buyers, second and subsequent buyers, buy-to-let investors. then analyse debt, wealth inequality consumption volatility. The households’ function, incorporates a term income-dependent marginal propensities to consume. These characteristics cause consumption-to-income ratios move procyclically with cycle. In line empirical literature, LTV model are overall effective while generating (distributional) side effects. Depending specification, we find that affect volatility differently, mediated by changes transaction patterns model. Restricting investors’ access leads substantial reductions Limiting first-time buyers produces only weak debt volatility, limiting even increases inequality. Hence, our findings emphasise importance applying macroprudential policies and, specifically, support policy approach primarily restraining credit.
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ژورنال
عنوان ژورنال: Social Science Research Network
سال: 2021
ISSN: ['1556-5068']
DOI: https://doi.org/10.2139/ssrn.3915516