Debt Relief and Slow Recovery: A Decade after Lehman
---- Acknowledgments ----
This paper was prepared for the 10th Anniversary of Financial Crisis Conference. Piskorski: Columbia Graduate School of Business and NBER; Seru: Stanford Graduate School of Business, Hoover Institution, SIEPR and NBER. We thank Andrei Shleifer, Amir Sufi, Annette Vissing-Jorgensen, and Luigi Zingales for helpful comments. Piskorski and Seru thank the National Science Foundation Award (1628895) on “The Transmission from Households to the Real Economy: Evidence from Mortgage and Consumer Credit Markets” for financial support. We thank Susan Cherry for outstanding 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.