measure at time t, over a 24-month time horizon (h = 0,1,2...., 24), to assess the cumulative tightening episode at time t, that is, covering the six months preceding and up to six months determinants over the time horizon h, including change in policy rate and industrial production growth. ALTVt-h captures the magnitude of adjustments to the average LTV ratio to account for the intensity of the LTV tightening. implementation of these measures in the short term, their longer-term impact is less clear. Estimates suggest that a tightening measure lowers house prices by about 0.1 percent on average over a two-year period per policy action, although the estimates are not statistically
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