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We investigate the role of information frictions in migration. We develop novel moment inequalities to estimate worker preferences while allowing for unobserved worker-specific information sets, migration costs, and location-specific amenities and prices. Using data on internal migration in...
Persistent link: https://www.econbiz.de/10014544692
Internal migration in the United States has declined substantially over the past several decades, which has important implications for individual welfare, macroeconomic adjustments, and other key outcomes. This paper studies the determinants of internal migration and how they have changed over...
Persistent link: https://www.econbiz.de/10014486215
Between 1940 and 1980, the homeownership rate among metropolitan African-American households increased by 27 percentage … points. Nearly three-quarters of this increase occurred in central cities. We show that rising black homeownership in central … homeownership over the period is explained by white suburbanization …
Persistent link: https://www.econbiz.de/10012461955
"Well Worth Saving tells the story of the disastrous housing market during the Great Depression and the extent to which an immensely popular New Deal relief program, the Home Owners' Loan Corporation (HOLC), was able to stem foreclosures by buying distressed mortgages from lenders and...
Persistent link: https://www.econbiz.de/10010220898
in house values. However, homeownership also provides a hedge against fluctuations in future rent payments. This paper … households so housing market risk actually increases homeownership rates and house prices. Further, the net effect of rent risk … on the demand for homeownership increases with a household's expected length of stay in its home, as the cumulative rent …
Persistent link: https://www.econbiz.de/10012469241
Since 1970, housing's relative price, share of expenditure, and ``unaffordability'' have all grown. We estimate housing demand using a novel compensated framework over space and an uncompensated framework over time. Our specifications pass tests imposed by rationality and household mobility....
Persistent link: https://www.econbiz.de/10012455864
increased 1940 median home values and homeownership rates, but not new home building …
Persistent link: https://www.econbiz.de/10012462410
Urban economists understand housing prices with a spatial equilibrium approach that assumes people must be indifferent across locations. Since the spatial no arbitrage condition is inherently imprecise, other economists have turned to different no arbitrage conditions, such as the prediction...
Persistent link: https://www.econbiz.de/10012464942
This paper describes the real wealth accumulation of American youth and relates this behavior to variations in real constant-quality house prices in their localities of residence. We argue that increases in the real constant-quality house price have two offsetting effects on wealth. First, the...
Persistent link: https://www.econbiz.de/10012473216
This paper examines homeownership and housing demand for a sample of approximately 6,800 urban, industrial workers in … indicate lower homeownership rates among American workers circa 1890 than later and significant effects on ownership of income …
Persistent link: https://www.econbiz.de/10012475995