Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications
NBER Working Paper No. 22985
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The views in this paper are not necessarily those of the Federal Reserve Bank of Boston, the Federal Reserve System, or the National Bureau of Economic Research. We have received helpful comments from Manuel Adelino, Neil Bhutta, Jesse Bricker, Denise DiPasquale, Onesime Epouhe, Ben Friedman, Jeff Fuhrer, Kris Gerardi, Alice Henriques, Kristoph Kleiner, Alex Michaelides, Jonathan Parker, Felipe Severino, Antoinette Schoar, Rosen Valchev. We thank audiences at the Boston, Atlanta, St. Louis and Cleveland Feds; Brandeis; Boston College; the Homer Hoyt Institute; USC; the Commercial-Housing-Urban-Macro conference; Harvard; AREUEA; WFA Real Estate Symposium; the FDIC; and the following sessions at the NBER 2016 Summer Institute: Monetary Economics, Household Finance, and the joint meeting of Economics of Real Estate and Urban Economics. We also thank Brigitte Madrian and Stephen Zeldes, who invited one of us to discuss Adelino, Schoar, and Severino (2016) at the NBER's 2015 Summer Institute. Work on that discussion encouraged us to write this paper.