Leverage and the Foreclosure Crisis
---- Acknowledgements -----
We wish to thank Daphne Chen and Jake Zhao who have provided outstanding research assistance. Mark Bils, Morris Davis, Carlos Garriga, Kris Gerardi, Francisco Gomes, Francois Ortalo-Magne, and Paul Willen provided many useful suggestions. We also wish to thank seminar participants at the Reserve Banks of Atlanta, Dallas, Minneapolis, and New Zealand as well as the Cowles Conference on General Equilibrium, the Econometric Society Meetings, the Gerzensee Study Center, Institute for Fiscal Studies, NBER Summer Institute Group on Aggregate Implications of Microeconomic Consumption Behavior, SED conference, University of Auckland, Australian National University, Cambridge University, European University Institute, University of Maryland, University of Melbourne, NYU Stern, Ohio State University, Oxford University, Queens University, University of Rochester, University of Wisconsin, and Wharton for their helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
---- Disclosure of Financial Relationships for Dean Corbae -----
I am a visiting scholar at several Federal Reserve Banks.