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- W2186236421 abstract "The present paper studies the impact of a housing bust on regional labor reallocation and the labor market. I document a novel empirical fact, which suggests that, by increasing the fraction of households with negative housing equity, a housing bust hinders interregional mobility. I then study a multi-region economy with local labor and housing markets and worker reallocation. The model can account for the positive co-movement of relative house prices and unemployment with gross out-migration and negative co-movement with in-migration observed in the cross section of states. A housing bust creates debt overhang for some workers, which distorts their migration decisions and increases aggregate unemployment in the economy. This adverse eect is amplied when regional slumps are particularly deep as in the recent U.S. recession. In a calibrated version of the model, I nd that the regional reallocation eect of the housing bust can account for between 0.2 and 0.5 percentage points of aggregate unemployment and 0.4 and 1.2 percentage points of unemployment in metropolitan areas experiencing deep local recessions in 2010. Finally, I study the labor market eects of two policies proposed for addressing the U.S. mortgage crisis." @default.
- W2186236421 created "2016-06-24" @default.
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- W2186236421 date "2012-01-01" @default.
- W2186236421 modified "2023-09-23" @default.
- W2186236421 title "Labor Market and Regional Reallocation Eects of Housing Busts" @default.
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