Bank of Italy paper uses agent-based model of housing market
Limits on borrowing are effective but not currently needed for Italian housing sector
Italy’s housing market does not currently require macro-prudential intervention, according to a Bank of Italy paper using an agent-based model.
The model in Macro-prudential policy analysis via an agent-based model of the real estate sector, by Gennaro Catapano et al, is calibrated to the Italian housing sector. It is an extended version of the model of the UK’s housing market published by the Bank of England in a 2016 paper.
The model is based on “a multivariate moment-based measure” and
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