NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Household Leverage and the Recession of 2007 to 2009

Atif R. Mian, Amir Sufi

NBER Working Paper No. 15896
Issued in April 2010

---- Acknowledgements -----

We thank Pierre-Olivier Gourinchas, Ayhan Kose, Kevin Lansing, two anonymous referees, and seminar participants at the University of Chicago (Booth), Duke University (Fuqua), Purdue University (Krannert), Harvard Business School, Princeton University, Wharton, NYU (Stern), and the Annual Research Conference at the IMF for comments. Timothy Dore provided superb research assistance. We are grateful to the National Science Foundation, the Initiative on Global Markets at the University of Chicago Booth School of Business, the Center for Research in Security Prices, and the FMC Corporation for funding. The results or views expressed in this study are those of the authors and do not reflect those of the providers of the data used in this analysis. Mian: (510) 643 1425, atif@haas.berkeley.edu; Sufi: (773) 702 6148, amir.sufi@chicagobooth.edu The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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