NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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House Price Beliefs And Mortgage Leverage Choice

Michael Bailey, Eduardo Dávila, Theresa Kuchler, Johannes Stroebel

NBER Working Paper No. 24091
Issued in November 2017

---- Acknowledgments ----

We like to thank Jonathan Berk, Philippe Bracke, Peter DeMarzo, Nicola Gennaioli, Emmanuel Farhi, Sean Hundtofte, Amit Seru, Alp Simsek, Venky Venkateswaran, and Iván Werning, as well as seminar and conference participants at Bank of Ireland, Berkeley Haas, Chicago Booth, CREi, Drexel University, Empirical Macro Workshop in Charleston, Federal Reserve Bank of Philadelphia, LMU Munich, Massachusetts Institute of Technology, NYC Real Estate Conference, NBER Summer Institute, Stanford Institute for Theoretical Economics, University College London, University of Maryland, USC Rena Sivitanidou Lusk Research Symposium, UT Austin, Washington University in St. Louis for helpful comments. Elizabeth Casano, Drew Johnston, Hongbum Lee, and Luke Min provided excellent research assistance. This project was supported through a grant of the Center for Global Economy and Business at NYU Stern. 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 Michael Bailey ----

This research was facilitated through a research consulting agreement between some of the academic authors (Kuchler and Stroebel) and Facebook. This research cooperation was established to allow researchers to collaborate with Facebook in order to exploit anonymized data sets based on Facebook’s unique data asset to address questions of policy importance. Bailey is a full-time employee at Facebook.

---- Disclosure of Financial Relationships for Johannes Stroebel ----

This research was facilitated through a research consulting agreement between some of the academic authors (Kuchler, and Stroebel) and Facebook. This research cooperation was established to allow researchers to collaborate with Facebook in order to exploit anonymized data sets based on Facebook’s unique data asset to address questions of policy importance. Bailey is a full-time employee at Facebook.

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