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 are grateful to Atif Mian and Amir Sufi for sharing and helping us understand the data. We also thank Fernando Alvarez, Andy Atkeson, Dave Backus, Andrea Ferrero, Mark Gertler, Ricardo Lagos, Guido Lorenzoni, Robert Lucas, Tom Sargent, Rob Shimer, Nancy Stokey, Ivan Werning, Mike Woodford, and seminar participants at NYU, the New York Fed, Maryland, UCLA, MIT, Chicago, Northwestern, and the Philadelphia Fed. 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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