House prices
RBNZ to tighten loan limits as house prices continue to rise
Tougher loan-to-value limits could be followed by rate floors or debt service limits
RBNZ calls halt to quantitative easing
Central bank has bought considerably less than its NZ$100 billion limit
RBNZ gains tool to curb house price rises
Government approves debt-to-income limits to address hot housing market
Multiple expectations test communications
The Reserve Bank of New Zealand’s communications are being tested, and some recent exchanges have been combative, says Mike Hannah
Financial sector still a headache for central bank modellers
Macro-financial links are difficult to integrate into key models, with progress since the global financial crisis slow. But some central banks are making breakthroughs
A return of the inflation monster?
There are fears that a shift in intellectual approach towards running economies ‘hot’ could herald a return of the money-eating inflation era
Bank of Canada voices concern over house prices
Financial regulator imposes minimum rate on new uninsured mortgages
BoE paper highlights link between mortgage limits and consumption
Authors find “new link” between down payment requirements and household consumption
Bank of Canada warns of possible housing pressures
BoC research highlights “vulnerabilities” as banks issue more high loan-to-income mortgages
RBNZ to support government housing objectives
New Zealand finance minister changes central bank’s monetary and financial policy remits
House price distortions slow European growth – Estonian paper
Misaligned prices amplify business cycles in short run but damage growth over long run – researchers
BIS paper explores impact of demographics on house prices
Study focuses on Korea’s “exceptionally rapid” demographic change
House price consideration could be added to mandate – RBNZ’s Orr
New Zealand’s governor argues house prices are not the remit of monetary policy
RBNZ considers greater focus on house prices in MPC decisions
Government is concerned house price rises are excluding people from the market
Dollar funding drives global house price movements – BIS paper
Non-US banks often depend heavily on dollar funding to issue mortgages, authors show
BoE paper explores global financial cycles since 1880
Cycles in credit and housing have become more pronounced, but only for some economies
Lower refinancing can dampen economic recovery – Fed research
US mortgage refinancing activity remained muted after falling during 2008 crisis, researchers find
RBNZ lifts mortgage lending restrictions for one year
New Zealand's central bank says latest crisis move will not weaken financial resilience
US default rates could hit 8.1% without policy action – Richmond Fed
Loan forbearance policies could see this drop to “essentially zero” in 2021, researchers say
Cares Act a very good start, but US may need bigger fiscal response – Rosengren
Boston Fed president warns pandemic could have significant impact on real estate market
Dutch economy more volatile than European peers – DNB research
Changes to pension system, mortgage markets and budgets could reduce volatility, paper argues
Canadian mortgage tweaks may add to housing imbalances – economists
Government’s policy change likely to lower qualifying hurdle for mortgages in the near term
Some countries’ macro-pru measures have reduced systemic risk – IMF paper
Denmark and Czech Republic particularly successful in cutting mortgage risk, researchers find
International investors shaping housing markets – DNB paper
External investment playing larger role but national differences still significant, paper says