The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s.
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We thank Eric Hardy, Lieu Hazelwood, Fang-Yu Liang, Maxim Massenkoff, and Michelle Welch for excellent research assistance, and for comments from participants in the Basel RTF Conference, Cornell, Chicago Finance lunch, FDIC, Federal Reserve Board, Harvard PIEP conference, IMF, INSEAD, the Paris School of Economics, and the NBER Macro Workshop. Rajan benefited from grants from the Stigler Center for the Study of the State and the Economy, from the Initiative on Global Markets, and from the National Science Foundation. Thanks to Craig Brown, Raquel Fernandez, Paul Kupiec, Amit Seru and Amir Sufi for helpful comments. The views in this paper do not necessarily reflect those of the Federal Reserve System or the National Bureau of Economic Research.