Kristoph Kleiner, da Indiana University, vai apresentar o seu trabalho de investigação. 

Housing Affordability via Macroprudential Policy

Traditional macroprudential restrictions on household borrowing promote financial stabil-ity and slow house price growth, but do so by excluding low-income borrowers from the hous-ing market. We demonstrate how regulations mandating appraisal independence serve as sim-ilarly effective stability tools while simultaneously promoting housing affordability. Our anal-ysis exploits three categories of US state-level regulations enacted between 2009 and 2019 that limit the ability of lenders and appraisal management companies (AMCs) to pressure apprais-ers to inflate valuations through compensation, improper audits, and blacklisting. Following regulatory changes, appraised values decline, reducing house prices by 6.5% over the follow-ing five years, with larger effects in areas with low housing supply elasticity. Explaining these results, we find that low appraisals lead to price renegotiation rather than contract termination. In addition, as the effects are greatest among more affordable housing, we observe a shift to-wards low-income and low credit score homeowners. Despite this shift, depressed house price growth also decreases monthly mortgage payments, leading to a lower mortgage delinquency rate in equilibrium.