This paper studies the link between macroprudential regulation and house prices by asking whether policies that impose higher risk weights on high-LTV mortgages can slow house price growth. Studying a 2010 Israeli policy, we find that the prices on housing units likely to be purchased using mortgages subject to higher risk weights are reduced by about 2 1/2 percent. We find that the policy has larger effects in more expensive areas of the country and, in particular, in lower quality neighborhoods within these more expensive areas. Combining our results with estimates of the effect of this policy on mortgage interest rates, we derive an estimate for the semi-elasticity of house prices with respect to mortgage rates that is consistent with the upper range of estimates reported in the literature.

本文通过询问对高LTV抵押施加较高风险权重的政策是否会减缓房价增长，研究了宏观审慎监管与房价之间的联系。通过研究2010年以色列的政策，我们发现，可能使用抵押贷款购买的住房单位价格（承受较高的风险权重）降低了约2 1/2％。我们发现，该政策在该国较昂贵的地区，尤其是在这些较昂贵的地区内质量较低的社区中，会产生较大的影响。将我们的结果与对该政策对抵押贷款利率的影响的估计值相结合，我们得出了抵押价格相对于房价的半弹性的估计值，该估计值与文献中报道的估计值的上限范围一致。