ARTICLE IN PRESS


Who Bears the Cost of Recessions?
The Role of House Prices and
Household Debt
A.
*
  Mian*, A. Sufi
Princeton University and NBER, Princeton, NJ, United States

University of Chicago Booth School of Business and NBER, Chicago, IL, United States

Contents
1. Introduction                                            256
2. Who Bears Recession Risk? Existing Research                             258
  2.1 Categorizing the Literature                                   258
  2.2 Sort ...