International Capital Flows and House Prices: Theory and Evidence

Jack Favilukis, David Kohn, Sydney C. Ludvigson, Stijn Van Nieuwerburgh

NBER Working Paper No. 17751
Issued in January 2012

---- Acknowledgments ----

Prepared for the National Bureau of Economic Research Housing and the Financial Crisis Conference, November 17-18, 2011, Cambridge, MA. We are grateful to John Driscoll, Victoria Ivashina, Steven Laufer, and Nikolai Roussanov for helpful comments and to Atif Mian and Amir Sufi for data. This material is based on work supported by the National Science Foundation under Grant No. 1022915 to Ludvigson and Van Nieuwerburgh. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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