NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Household Debt and Business Cycles Worldwide

Atif R. Mian, Amir Sufi, Emil Verner

NBER Working Paper No. 21581
Issued in September 2015, Revised in July 2016

---- Acknowledgments ----

This research was supported by funding from the Initiative on Global Markets at Chicago Booth, the Fama-Miller Center at Chicago Booth, and Princeton University. We thank Giovanni Dell'Ariccia, Andy Haldane, Óscar Jordá, Anil Kashyap, Guido Lorenzoni, Virgiliu Midrigan, Emi Nakamura, Jonathan Parker, Chris Sims, Andrei Shleifer, Paolo Surico, Alan Taylor, and seminar participants at Princeton University, Northwestern University, Harvard University, NYU, NYU Abu Dhabi, UCLA, the Swedish Riksbank conference on macro-prudential regulation, Dan- marks Nationalbank, the Central Bank of the Republic of Turkey, Wharton, the Bank of England, the Nova School of Business and Economics, the NBER Monetary Economics meeting, and the NBER Lessons from the Crisis for Macroeconomics meeting for helpful comments. Elessar Chen and Seongjin Park provided 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.

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