House Price Gains and U.S. Household Spending from 2002 to 2006
---- Acknowledgments ----
This research was supported by funding from the Initiative on Global Markets at Chicago Booth, the Fama-Miller Center at Chicago Booth, and the Global Markets Institute at Goldman Sachs. Any opinions, findings, or conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the view of Goldman Sachs, the Global Markets Institute, or the National Bureau of Economic Research. We are very grateful to Doug McManus and his team at Freddie Mac for providing us with data. We thank Chris Carroll, Edward Glaeser, Erik Hurst, Greg Kaplan, Sydney Ludvigson, Jonathan Parker, Luigi Pistaferri, Kenneth Rogoff, and seminar participants at Harvard, Northwestern, Chicago Booth, the Fed Board, the Chicago Fed, Goldman Sachs, and Princeton for helpful comments.