Identifying the Benefits from Homeownership: A Swedish Experiment

We thank Steffen Andersen, Raj Chetty, Anthony DeFusco, Edward Glaeser, Arpit Gupta, Ravi Jagannathan, Dirk Jenter, Ralph Koijen, Sören Leth Petersen, Andres Liberman, Julien Licheron, Tim McQuade, Holger Mueller, Julien Pennasse, Mitchell Petersen, Aleksandra Rzeznik, László Sándor, Kathrin Schlafmann, Phillip Schnabel, Johannes Stroebel, Motohiro Yogo, and conference and seminar participants at Stockholm University, CUNY Baruch, U.T. Austin finance, NYU finance, the European Conference on Household Finance in Paris, Kellogg finance, the European Financial Data Institute conference in Paris, INSEAD, the Utah Winter Finance Conference, EWFS, the Cornell behavioral and household finance conference, Helsinki Finance, Swedish Riksbank, European Banking Center network, BCL household finance and consumption workshop, Imperial College finance, the CEPR Asset Pricing conference in Gerzensee, and the CEPR New Consumption Data conference in Copenhagen for comments and suggestions. George Cristea, August Hansson and Yao Fu provided outstanding research assistance. We thank Anders Jenelius from Svenska Bostäder for help with data and institutional detail. We are grateful for generous funding from the Swedish Research Council (grant 421-2012-1247). All data used in this research have passed ethical vetting at the Stockholm ethical review board and have also been approved by Statistics Sweden. The authors declare that they have no relevant or material financial interests that relate to the research described in this paper. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• December 1, 2016