1703430950
1703430951
[6]Mary Anastasia O’Grady,“The Fed’s Easy Money Skeptic,”Wall Street Journal,February 12,2011.
1703430952
1703430953
[7]Kyle Herkenhoff and Lee Ohanian,“Foreclosure Delay and U.S.Unemployment”（working paper,Federal Reserve Bank of St.Louis,June 2012）.
1703430954
1703430955
[8]Jesse Rothstein,“Unemployment Insurance and Job Search in the Great Recession,”Brookings Papers on Economic Activity,Fall 2011,143- 96.
1703430956
1703430957
[9]Johannes Schmieder,Till von Wachter,and Stefan Bender,“The Effects of Extended Unemployment Insurance over the Business Cycle
:Evidence from Regression Discontinuity Estimates over 20 Years,” Quarterly Journal of Economics 127 （2012）
:701-52.
1703430958
1703430959
[10]Steven J.Davis and Till von Wachter,“Recessions and the Costs of Job Loss,”Brookings Papers on Economic Activity,Fall 2011.
1703430960
1703430961
第6章
1703430962
1703430963
[1]我们定义的底特律西部地区是指人们生活在下列邮政编码区：48219,48223,48227,48228,48235。相关背景信息来自维基百科关于布赖特摩尔（Brightmoor）的条目：http://en.wikipedia.org/wiki/Brightmoor,_Detroit,and authors’calculations。
1703430964
1703430965
[2]Ron French,“How the Home Loan Boom Went Bust,” Detroit News,November 27,2007.
1703430966
1703430967
[3]Mark Whitehouse,“‘Subprime’ Aftermath
:Losing the Family Home,” Wall Street Journal,May 30,2007.
1703430968
1703430969
[4]French,“Home Loan Boom Went Bust.”
1703430970
1703430971
[5]在计算过程中，最高和最低指的是信用评分分布顶层和底层20%的人群，被拒率截至1998年。
1703430972
1703430973
[6]Ben Bernanke,testimony on “The Economic Outlook” on October 20,2005,before the Joint Economic Committee,109th Congress.
1703430974
1703430975
[7]想获得计算的细节，可以参看Atif Mian and Amir Sufi ,“The Consequences of Mortgage Credit Expansion
:Evidence from the U.S.Mortgage Default Crisis,” Quarterly Journal of Economics 124 （2009）
:1449-96。
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1703430977
[8]在现实中，债务论和动物精神论彼此并不是独立的。例如，债务可以允许那些拥有非理性信念的人购买房屋，这是我们在第8章中会强调的某种渠道。
1703430978
1703430979
[9]Edward Glaeser,Joseph Gyourko,and Albert Saiz,“Housing Supply and Housing Bubbles,” Journal of Urban Economics 64 （2008）
:198-217，本文提供了使用住房供给弹性来分析房地产市场泡沫多样性的动机。
1703430980
1703430981
[10]Mian and Sufi ,“Consequences of Mortgage Credit Expansion”; Albert Saiz,“The Geographic Determinants of Housing Supply,” Quarterly Journal of Economics 125 （2010）
:1253-96.
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1703430983
[11]为了与图6.2的y轴题例相匹配，我们有意识地使用了这个y轴便签，这样我们就可以对住房供给具有弹性和缺乏弹性的城市进行直接对比。
1703430984
1703430985
[12]信贷供给的持续扩张使那些已经拥有房屋的人想购买更大的房屋，但是这代表了人口的一小部分。
1703430986
1703430987
[13]Ron French and Mike Wilkinson,“Easy Money,Risky Loans Drive Area Home Losses; 70,000 Filings for Foreclosure in the Past Two Years,” Detroit News,November 27,2007。这篇文章提到柯克兰太太受到住房抵押贷款经纪人的欺骗，由于通过住房抵押贷款再融资，欠了一大笔债务。
1703430988
1703430989
[14]Atif Mian and Amir Sufi ,“House Prices,Home EquityBased Borrowing,and the U.S.Household Leverage Crisis,” American Economic Review 101 （2011）
:1232-56.
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1703430991
[15]Glenn Canner,Karen Dynan,and Wayne Passmore,“Mortgage Refinancing in 2001 and Early 2002,” Federal Reserve Bulletin 88,no.12 （2002）
:469-81.
1703430992
1703430993
[16]另外一些研究显示在信用卡和二手车销售方面也出现了相似的激进借贷行为。参见David Gross and Nicholas Souleles,“Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior?
:Evidence from Credit Card Data,” Quarterly Journal of Economics,no.117 （2002）
:149-85; and William Adams,Liran Einav,and Jonathan Levin,“Liquidity Constraints and Imperfect Information in Subprime Lending,” American Economic Review no.99 （2009）
:49-84。
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1703430995
[17]See,for example,R.H.Strotz,“Myopia and Inconsistency in Dynamic Utility Maximization,” Review of Economic Studies 3 （1955）
:165-80; E.S.Phelps and R.A.Pollak,“On SecondBest National Saving and GameEquilibrium Growth,” Review of Economic Studies 35 （1968）
:185-99; and David Laibson,“Golden Eggs and Hyperbolic Discounting,” Quarterly Journal of Economics 112 （1997）
:443-78.
1703430996
1703430997
[18]将借款约束理论与行为偏差观点区别开来仍然是家庭支出行为研究的最大挑战之一。主要问题在于在两种理论下观察到的行为几乎是一样的。尽管面临挑战，它仍然是宏观经济学领域最重要的课题之一，我们期望未来对这个问题的研究会取得进展。
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1703430999
第7章
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