Credit Supply and Housing Speculation

This research was supported by funding from the Julis Rabinowitz Center For Public Policy and Finance at Princeton, and the Fama-Miller Center and Initiative on Global Markets at Chicago Booth. We are especially grateful to Neil Bhutta, Nicola Cetorelli, Neale Mahoney, Stefan Nagel, Stavros Peristiani, Tomasz Piskorski, Philipp Schnabl, Amit Seru, Anne Thompson, and Eric Zwick for help with data access. We received helpful comments from John Griffin, Adam Guren, Christopher Palmer, Andrei Shleifer, Paul Willen, Eric Zwick, and seminar participants at Chicago Booth, DeNederlandscheBank, the European Central Bank, Harvard Business School, John Hopkins University, Northwestern University, the NBER Corporate Finance, Real Estate, and Monetary Economics meetings, and Princeton University. Nicolas Andreoulis, Tu Cao, Sebastian Hanson, Michael Varley, and Hanbin Yang provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• July 11, 2018