NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Household Leveraging and Deleveraging

Alejandro Justiniano, Giorgio E. Primiceri, Andrea Tambalotti

NBER Working Paper No. 18941
Issued in April 2013

---- Acknowledgements -----

We are grateful for comments and suggestions from Florin Bilbiie, Jeff Campbell, Giovanni Favara, Andrea Ferrero, Aurel Hizmo, Matteo Iacoviello, and seminar participants at the Federal Reserve Board, 2012 Annual Meeting of the SED, North American Summer Meeting of the Econometric Society, Princeton Conference in Honor of Chris Sims and Chicago Fed HUML Conference. Giorgio Primiceri thanks the Alfred P. Sloan Foundation for research support, and Andrea Tambalotti thanks NYU Abu Dhabi for its hospitality while conducting part of this research. The views expressed in this paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Banks of Chicago, New York, the Federal Reserve System, or the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Giorgio E. Primiceri -----

Giorgio Primiceri is a consultant for the Federal Reserve Bank of Chicago and a research visitor at the European Central Bank.

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