The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles
NBER Working Paper No. 22148
---- Acknowledgments ----
We thank Bo Becker, Gadi Barlevi, Gabriel Chowdorow-Reich, Dan Covitz, Diana Hancock, Arvind Krishnamurthy, Gregor Matvos, Jonathan Parker, Wayne Passmore, Karen Pence, Phillip Schnabl, Andrei Shleifer (the editor), Jeremy Stein, Philip Strahan, Amir Sufi, three anonymous referees, and seminar participants at the 2015 AEA Meetings, Basel Research Task Force, Berkeley (Haas), CSEF-IGIER Symposium in Economics and Institutions (Capri), Cornell, Dutch National Bank, Emory University, Entrepreneurship and Finance Conference in memory of Ola Bengtsson (Lund University), Federal Reserve Board, Federal Reserve Bank of Chicago, Federal Reserve Day Ahead Conference, Georgetown University, Georgia State University, Hong Kong University, Indiana University (Kelley School of Business), NBER Summer Institute, NBER Corporate Finance Meeting, NBER Monetary Economics Meeting, Northwestern University (Kellogg), Pennsylvania State University (Smeal), Singapore Management University, Stanford University, Tsinghua University, Tulane University, University of Munich, and University of Illinois at Urbana-Champaign for very helpful comments. Della Cummings, Sam Houskeeper, Jeremy Oldfather, and Jeremy Trubnick provided excellent research assistance. Benmelech is grateful for financial support from the National Science Foundation under CAREER award SES-0847392. The views expressed here are those of the authors and do not necessarily reflect the views of the Board of Governors, the staff of the Federal Reserve System, or the National Bureau of Economic Research.