Research Discussion Paper – RDP 2021-07 Macroprudential Limits on Mortgage Products: The Australian Experience

Contents

• Introduction
• The Credit Growth Limits
• Data and Variables
• Empirical Strategy
• Policy Effects of the Investor Limit
• Policy Effects of the Interest-only Limit
• Other Mortgage Market Outcomes
• Conclusions
• References
• Copyright and Disclaimer Notice

Thanks in particular to Bernadette Donovan, Aaron Mehrotra, Anthony Brassil, Carlos Cantu, Sean Carmody, Jon Cheshire, Troy Gill, Jonathan Kearns, David Norman, David Rodgers and Peter Tulip for feedback that improved this work in its various stages. The authors wrote this paper while in the Financial Stability Department. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Reserve Bank of Australia. The authors are solely responsible for any errors. This paper builds on Corrine Rosé's earlier work in her paper Dobson (2020).