Polish paper examines impact of different loan types on policy efficacy
Researchers focus on differences between mortgage contracts
Researchers at the National Bank of Poland and Norges Bank examine the effect of different mortgage contracts on the efficacy of monetary and macro-prudential policy, in a working paper published last month.
In Monetary and macroprudential policy with multiperiod loans, Michał Brzoza-Brzezina, Paolo Gelain and Marcin Kolasa find consider the impact of one period vs multiperiod mortgages, as well as fixed vs variable rates of interest.
"Our general finding is that multiperiodicity affects the
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