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April 30, 2020

While the effects of the COVID-19 outbreak on the housing market are yet unknown, a new C.D. Howe Institute report provides a blueprint for policymakers and regulators on the tools and timing of interventions in the housing market to address threats to financial stability.

In “Calibrating Macroprudential Policies for the Canadian Mortgage Market,” authors Scott A. Brave, Jeremy Kronick and Jose A. Lopez use four financial stability indicators - the house-price-to-rent ratio, the price-to-income ratio, the debt-servicing ratio and the household-credit-to-GDP ratio – to create a model to assist policymakers in anticipating future crises.

Scott A. Brave
Scott A. Brave

Scott A. Brave is Senior Policy Economist at the Federal Reserve Bank of Chicago.

Jeremy Kronick
Jeremy Kronick

Jeremy is Associate Director, Research at the C.D. Howe Institute, where he is in charge of the financial services and monetary policy research programs.  He has written on a range of topics including the link between demographics and monetary policy, how blockchain technology will impact the economy, and the importance of the financial services sector in trade negotiations. 

Jose A. Lopez

Jose A. Lopez is Vice President, Head of the Financial Stability Research Section at the Federal Reserve Bank of San Francisco.