Despite the increasingly wide-spread nature of macroprudential regulations, relatively few studies have assessed the implications of such policies on key household finance decisions. In this paper, we investigate the impact on Irish household perceived savings constraints of macroprudential policy measures introduced by the Central Bank of Ireland in early 2015. These measures, which require larger downpayments than previously was the case, constitute a significant new source of uncertainty for those seeking to engage in homeownership. Using a unique, nationally representative survey of households' savings decisions we find that the measures have had a significant impact on the degree to which Irish households feel constrained in their savings decisions. Credit constraints and consumer inattention are proposed as explanatory channels for this development. Heterogeneous effects across households indicate younger, private renting households, and those with relatively uncertain cash flows show the largest increase in perceived constraints following the introduction of the policy. JEL classification: D14, G28

中文翻译：

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家庭储蓄限制、不确定性和宏观审慎政策

尽管宏观审慎监管的性质越来越广泛，但评估此类政策对关键家庭财务决策的影响的研究相对较少。在本文中，我们调查了爱尔兰中央银行于 2015 年初推出的宏观审慎政策措施对爱尔兰家庭感知储蓄约束的影响。这些措施需要比以前更多的首付，构成了新的重要不确定性来源那些寻求拥有房屋的人。通过对家庭储蓄决策进行独特的、具有全国代表性的调查，我们发现这些措施对爱尔兰家庭在储蓄决策中感到受限的程度产生了重大影响。信用约束和消费者注意力不集中被提议作为这种发展的解释渠道。家庭之间的异质效应表明，在政策出台后，年轻的私人租赁家庭和现金流相对不确定的家庭的感知限制增加幅度最大。JEL 分类：D14、G28