Can Housing Collateral Explain Long-Run Swings in Asset Returns?
---- Acknowledgements -----
The authors thank Thomas Sargent, Dave Backus, Robert Hall, Lars Peter Hansen, and Dirk Krueger for their guidance and David Chapman, Urban Jermann, Leonid Kogan, Monika Piazzesi, and Martin Schneider for their discussions of this paper. We also benefited from comments from seminar participants at Duke University, University of Iowa, Universite de Montreal, New York University Stern, UCLA, Stanford University, the Society for Economic Dynamics Meetings and the Western Finance Association meetings in Keystone. For computing support we thank NYU Stern. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.