NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Dynamism Diminished: The Role of Housing Markets and Credit Conditions

Steven J. Davis, John C. Haltiwanger

NBER Working Paper No. 25466
Issued in January 2019

---- Acknowledgments ----

We thank Simon Gilchrist, John Robertson and participants in seminars and conferences at the American Economic Association, Bank of Korea, Cambridge University, Congressional Budget Office, Federal Reserve Bank of Atlanta, Goldman Sachs Global Markets Institute, Hoover Institution, London School of Economics, National Bureau of Economic Research, National University of Singapore, Stanford University and the University of Chicago for many helpful comments. Diyue Guo and Laura Zhao provided superb research assistance. We gratefully acknowledge financial support from the Goldman Sachs Global Markets Initiative and the Ewing Marion Kauffman Foundation. 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 Steven J. Davis ----

I own more than $5,000 in stock of Charles River Associates. I own Millennium Economics LLC.

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