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- Throughout, we use consistent CBSA definitions and assign each CBSA to a census region based on the majority of its population in the 2000 Census.
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- We then merge in the Gilchrist and Zakrajsek (2012) excess bond premium. GZ give two different time series on their website. We use the “ebp oa†measure. This is the excess bond premium which subtracts a fitted value for “distance to default†from options. We also merge in −.2 −.1 .1 .2 Annual Log Change in House Prices 1975q1 1980q1 1985q1 1990q1 1995q1 2000q1 2005q1 2010q1 2015q1 Date USA NE MW S W
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