NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Household Leverage and the Recession

Thomas Philippon, Virgiliu Midrigan

NBER Working Paper No. 16965
Issued in April 2011

---- Acknowledgements ----

We thank Sonia Gilbukh and Callum Jones for excellent research assistance. We thank Robert Shimer and several anonymous referees for valuable advice on a much older version of this paper. We are also indebted to Fernando Alvarez, Andy Atkeson, David Backus, Patrick Kehoe, Andrea Ferrero, Mark Gertler, Veronica Guerrieri, Erik Hurst, Ricardo Lagos, Guido Lorenzoni, Robert Lucas, Atif Mian, Tom Sargent, Nancy Stokey, Amir Sufi, Ivan Werning, Mike Woodford and numerous seminar participants for comments. 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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