Household Leverage and the Recession

Callum Jones, Virgiliu Midrigan, Thomas Philippon

NBER Working Paper No. 16965
Issued in April 2011, Revised in June 2018

---- Acknowledgments ----

We thank Sonia Gilbukh for excellent research assistance. We are indebted to Fernando Alvarez, Andy Atkeson, David Backus, Patrick Kehoe, Andrea Ferrero, Mark Gertler, Veronica Guerrieri, Erik Hurst, Ricardo Lagos, Guido Lorenzoni, Robert Lucas, Atif Mian, Elena Pastorino, Tom Sargent, Robert Shimer, Nancy Stokey, Amir Sufi, Ivan Werning, Mike Woodford and numerous seminar participants for comments. The views expressed herein are those of the authors and should not be attributed to the IMF, its Executive Board, its management, or the National Bureau of Economics Research.

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