NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Mortgage Rates, Household Balance Sheets, and the Real Economy

Benjamin J. Keys, Tomasz Piskorski, Amit Seru, Vincent Yao

NBER Working Paper No. 20561
Issued in October 2014, Revised in October 2014

---- Acknowledgments ----

First version: March 2014. Keys thanks the Kreisman Program on Housing Law and Policy at the University of Chicago. Piskorski thanks National Science Foundation (Grant 1124188) and the Paul Milstein Center for Real Estate at Columbia Business School for financial support. Seru thanks the Fama Miller Center at Booth for financial support. We are grateful to Atif Mian and Amir Sufi for sharing their auto sales data. We thank Sumit Agarwal, Patrick Bolton, Jon Steinsson, Neng Wang, and seminar participants at Columbia Business School for helpful discussions. Zach Wade and Vivek Sampathkumar provided excellent research assistance. The views expressed in this research are those of the authors and do not necessarily represent the position of Fannie Mae or the National Bureau of Economic Research.

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