Abstract
• Discern the nature of the interaction between LTVs and the repo rate since 2001 • Assess the extent to which the tight (loose) LTVs reinforce (neutralize) the contractionary (accommodative) monetary policy stance • Analyze whether the transmission of the LTV shocks occur through the same channels that are impacted by a tight (accommodative) monetary policy shock • Examine the impact of the repo rate and LTV shocks on household balance sheets • Assess the response of LTVs to an unexpected positive current inflation expectations shock and inflation • Assess how deterioration in the inflation outlook leads to the LTV tightening • Understand the impact of LTV tightening shocks on price stability
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