Betting the House

Òscar Jordà, Moritz HP. Schularick, Alan M. Taylor

NBER Working Paper No. 20771
Issued in December 2014

---- Acknowledgments ----

The views expressed herein are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco, the Board of Governors of the Federal Reserve System, or the National Bureau of Economic Research. This work is part of a larger project kindly supported by a research grant from the Institute for New Economic Thinking (INET) administered by UC Davis. Schularick thanks the Volkswagen Foundation for generous financial support. We are indebted to Katharina Knoll who permitted us to use her cross-country database of historical housing prices. We thank participants in the International Seminar on Macroeconomics in Riga, Latvia for useful comments and suggestions. We are particularly grateful to Early Elias, Helen Irvin and Niklas Flamang for outstanding research assistance. All errors are ours.

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