The Effect of Macroprudential Policies on Homeownership: Evidence from Switzerland


This paper analyzes how the introduction of macroprudential policies in the Swiss residential mortgage market affected the propensity of households to become homeowners. We exploit a unique administrative data set of individual tax records containing detailed financial and socio-demographic information. We show that the mean share of renter households transitioning into homeownership decreased from 3.4% per year in the five years prior to the introduction of macroprudential policies to 3.0% per year in the five years afterward. This decrease is more pronounced for young and middle-aged households with relatively low income and wealth, suggesting that it is at least partly due to a tightening in borrowing constraints. Moreover, intergenerational transfers in the form of predeath bequests have become more important for homebuying both at the extensive and intensive margin.

Presented at:
- Gerzensee Alumni Conference, Switzerland (2021)
- Research Days, University of Lausanne, Switzerland (2020)
- Swiss National Bank, Switzerland (2020)

Elio Bolliger
Elio Bolliger
Head of Federal Finances Analysis and Forecasting Team in Financial Statistics

My research interests include international macroeconomics, monetary policy and financial stability.