Borrowing Based on Great Expectations: Evidence from the Origins of Fracking

For helpful comments, the authors thank Leah Boustan, David DeJong, David Denis, Atif Mian, and seminar participants at the Bank of Finland, the Heinz School at Carnegie Mellon University, the Katz Business School, the Consumer Finance Institute of the Federal Reserve Bank of Philadelphia, the Federal Reserve Bank of Kansas City, the 2022 Federal Reserve System Applied Microeconomics Conference, the 68th North America Meetings of the Regional Science Association International, Kansas State University, and the 2022 Northeast Workshop on Energy Policy and Environmental Economics. Colton Tousey provided excellent research assistance. Any errors are those of the authors. The opinions expressed are those of the authors and are not attributable to the University of Pittsburgh, Amazon, the Federal Reserve Bank of Kansas City, or the Federal Reserve System. A. J. Boslett’s work on this project occurred prior to joining Amazon.