A Depressing Scenario: Mortgage Debt Becomes Unemployment Insurance
NBER Working Paper No. 14514
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I appreciate the comments and patience of many University of Chicago students who experienced an even more burdensome exposition of these ideas. I will provide updates on this matter on my blog www.panic2008.net. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.