Demystifying the Chinese Housing Boom
---- Acknowledgments ----
This paper is prepared for NBER Macro Annual (Volume 30). We are grateful to the editors, Marty Eichenbaum and Jonathan Parker, our discussants, Erik Hurst and Martin Schneider, as well as seminar participants at Bank of America Merrill Lynch, Harvard University and Princeton University for helpful discussions and constructive comments. We also thank Sean Dong, Qing Gong, Min Wu, and Yu Zhang for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.