NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Effect of House Prices on Household Borrowing: A New Approach

James Cloyne, Kilian Huber, Ethan Ilzetzki, Henrik Kleven

NBER Working Paper No. 23861
Issued in September 2017

---- Acknowledgments ----

We thank Orazio Attanasio, Richard Blundell, Christopher Carroll, Eric French, Adam Guren, Amir Kermani, Erzo Luttmer, Atif Mian, Magne Mogstad, Emi Nakamura, Ricardo Reis, David Romer, Sebastian Siegloch, David Sraer, Jón Steinsson, Amir Sufi, Joseph Vavra, Garry Young, and numerous seminar participants for helpful comments and discussions. This research was carried out as part of the Bank of England’s One Bank Research Agenda. It uses Financial Conduct Authority (FCA) Product Sales Data that have been provided to the Bank of England under a data-sharing agreement. The FCA Product Sales Data include regulated mortgage contracts only, and therefore exclude other regulated home finance products such as home purchase plans and home reversions, and unregulated products such as second charge lending and buy-to-let mortgages. The views expressed are those of the authors and do not necessarily reflect the views of the Bank of England, the Monetary Policy Committee, the Financial Policy Committee or the Prudential Regulatory Authority. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for James Cloyne ----

Part of this work was conducted while James Cloyne was employed as a research economist at the Bank of England. The views expressed are those of the authors and do not necessarily reflect the views of the Bank of England, the Monetary Policy Committee, the Financial Policy Committee or the Prudential Regulatory Authority.

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