and services, are a plausible candidate for explaining the large low-frequency changes in housing prices. We also argue that this interpretation is reasonable given the nature of the technology that produces housing services, and is in accord with the broad patterns in data on housing and land...

Separations are noticeably more countercyclical for workers who average shorter workweeks. This pattern is mirrored in wage cyclicality; wages are less procyclical for those who work shorter hours. But separations, counter to our model predictions, are not higher in recessions nor heavily...