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Mortgage Debt and Procyclicality in the Housing Market

Ian Christensen ()

Bank of Canada Review, 2011, vol. 2011, issue Summer, 35-42

Abstract: This article focuses on the role that loans backed by housing collateral play in amplifying housing booms and, more generally, procyclicality in the housing market. The author uses a model developed to include borrower and lender households, as well as a housing market, to examine the impact that altering the loan-to-value ratio (either permanently or countercyclically) might have on the volatility of house prices and mortgage debt.

Date: 2011
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Handle: RePEc:bca:bcarev:v:2011:y:2011:i:summer11:p:35-42