In this paper, we explore the impact of a 4 per cent inflation control on price changes for rental contracts in Ireland. Testing across the price distribution, we explore the cap’s impact on the share of the market experiencing: 1) a price decline; 2) unchanged rents (nominal rigidity); 3) a positive growth rate below the cap; 4) the maximum allowable growth (4%); and 5) growth above the cap. Our identification strategy uses a contiguous border difference-in-difference approach on a novel property-level tenancy panel. We find the overall rent growth rate fell by 1-2 percentage points following the regulations. However, we find different impacts across the distribution: not all high growth rates converged to the cap as the distribution generally shifted to the left and nominal rigidity rose. Furthermore, we find some inflationary pressures on rents that previously were unchanged as landlords priced up to the cap. Heterogeneous effects by company or household landlord are evident.

在本文中，我们探讨了4％的通货膨胀控制对爱尔兰租赁合同的价格变动的影响。在整个价格分布中进行测试，我们探讨了上限对经历以下情况的市场份额的影响：1）价格下降；2）租金不变（名义刚性）；3）低于上限的正增长率；4）最高允许增长率（4％）；5）超出上限的增长。我们的识别策略在新颖的物业级租赁面板上使用了连续的边界差异法。我们发现，按照规定，整体租金增长率下降了1-2个百分点。但是，我们发现整个分配过程会产生不同的影响：随着分配通常向左移动且名义刚性上升，并非所有高增长率都收敛于上限。此外，我们发现，由于房东定价高达上限，租金的通货膨胀压力以前没有改变。公司或家庭房东的异质效应是显而易见的。