Forced Sales and House Prices

John Y. Campbell, Stefano Giglio, Parag Pathak

NBER Working Paper No. 14866
Issued in April 2009

---- Acknowledgements -----

We are grateful to Tuomo Vuolteenaho and Paul Willen for early conversations which stimulated our thinking on this topic, to the Federal Reserve Bank of Boston and the Lincoln Institute of Land Policy for assistance in obtaining data, and to Ed Glaeser, Bob Hall, David Laibson, Jeff Pontiff, Tomasz Piskorski, James Vickery, Susan Woodward, and seminar participants at the Federal Reserve Bank of Boston, the Federal Reserve Board, the University of California at Berkeley, Stanford University, Columbia University, the London School of Economics, and London Business School for comments on an earlier draft. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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