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Measuring Information Frictions in Migration Decisions : A Revealed-Preference Approach
Porcher, Charly; Morales, Eduardo; Fujiwara, Thomas - National Bureau of Economic Research - 2024
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
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The Determinants of Declining Internal Migration
Olney, William W.; Thompson, Owen - National Bureau of Economic Research - 2024
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
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Human-Algorithm Interactions : Evidence from Zillow.com
Fu, Runshan; Jin, Ginger Zhe; Liu, Meng - National Bureau of Economic Research - 2022
Using bi-weekly snapshots of Zillow in three US cities, we document how home sellers and buyers interact with Zillow's Zestimate algorithm during the sales cycle of residential properties. We find that listing and selling outcomes respond significantly to Zestimate, and Zestimate is quickly...
Persistent link: https://www.econbiz.de/10013172179
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Repairing a Mortgage Crisis : HOLC Lending and its Impact on Local Housing Markets
Courtemanche, Charles - 2010
increased 1940 median home values and homeownership rates, but not new home building …
Persistent link: https://www.econbiz.de/10012462410
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The Effect of Housing on Portfolio Choice
Chetty, Raj - 2010
Economic theory predicts that home ownership should have a negative effect on risk-taking in financial portfolios. However, empirical work has not found a strong relationship between housing and portfolios. We identify two reasons for the divergence between the theory and data. First, it is...
Persistent link: https://www.econbiz.de/10012462655
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Arbitrage in Housing Markets
Glaeser, Edward L. - 2007
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
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Owner-Occupied Housing as a Hedge Against Rent Risk
Sinai, Todd - 2003
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
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A New Spatial Hedonic Equilibrium in the Emerging Work-from-Home Economy?
Brueckner, Jan K.; Kahn, Matthew E.; Lindeman, Gary - National Bureau of Economic Research - 2021
This paper studies the impacts of work-from-home (WFH) in the housing market from both intercity and intracity perspectives. Our results confirm the theoretical prediction that WFH puts downward pressure on housing prices and rents in high-productivity counties, a result of workers starting to...
Persistent link: https://www.econbiz.de/10012496079
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Home Ownership and Real House Prices : Sources of Change, 1965-85
Hendershott, Patric H. - 1987
Two phenomena characterized the housing market in the 1970s: a somewhat-disguised surge toward home ownership and a well-publicized sharp increase in the real price of housing. These movements were partially reversed in the first half of the 1980s. In the "standard view", the 1970s changes are...
Persistent link: https://www.econbiz.de/10012476823
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Dynamics of Housing Debt in the Recent Boom and Great Recession
Adelino, Manuel - 2017
This paper documents a number of key facts about the evolution of mortgage debt, homeownership, debt burden and … over the boom period. While homeownership rates increased for the middle and upper income households, there was no increase … in homeownership for the lowest income groups. Finally, default rates post-crisis went up predominantly in areas with …
Persistent link: https://www.econbiz.de/10012455179