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Author: George Akpandjar Publisher: ISBN: Category : Languages : en Pages : 38
Book Description
This paper provides new evidence on the effect of homeownership on unemployment spells by disaggregating exit from unemployment into full-time and part-time employment using the March Current Population Survey (CPS) data from 1990 to 2013. Using duration models, I find that when transition from unemployment to different types of employment is ignored, homeownership decreases the exit rate from unemployment. However, when the transition to different types of employment is considered, homeowners have lower rates of exit into full-time employment than renters but have higher rates of exit into part-time employment. Competing risk model that simultaneously modeled the transition into full-time and part-time employments also have similar estimates. These results are robust to different specifications and have policy implications.
Author: George Akpandjar Publisher: ISBN: Category : Languages : en Pages : 38
Book Description
This paper provides new evidence on the effect of homeownership on unemployment spells by disaggregating exit from unemployment into full-time and part-time employment using the March Current Population Survey (CPS) data from 1990 to 2013. Using duration models, I find that when transition from unemployment to different types of employment is ignored, homeownership decreases the exit rate from unemployment. However, when the transition to different types of employment is considered, homeowners have lower rates of exit into full-time employment than renters but have higher rates of exit into part-time employment. Competing risk model that simultaneously modeled the transition into full-time and part-time employments also have similar estimates. These results are robust to different specifications and have policy implications.
Author: George Mawuli- Akpandjar Publisher: ISBN: Category : Languages : en Pages : 128
Book Description
This dissertation consists of three papers on the effect of homeownership on labor market outcomes. In the first paper, I developed a one-sector two-region endogenous job search model and show that when jobs arrive from both local labor market and non-local labor market, homeowners: are less likely to be unemployed than renters; and have higher overall search intensity and exit rate than renters. I then estimate the effect of homeownership on unemployment using a panel data set aggregated from the American Community Survey data from 2003 to 2011 and use relative cost of owning a home as instrument for homeownership. I also estimate models at the individual level. Regression results show that homeownership is negatively and significantly related to unemployment confirming the theoretical predictions. These results are robust to different estimation methods and specifications. The second paper evaluates the effect of homeownership on unemployment spell using the March Current Population Survey (CPS) data 1990 to 2013. Using duration models, I find that when transition from unemployment to different types of employment (full time and part-time) is ignored, homeownership decreases the probability of exiting unemployment. However, when the transition to different types of employment is considered, homeowners compared to renters have a lower probability of exit into full-time employment but have a higher probability of exit into part-time employment. Results from competing risk models when the transition into full-time and part-time employments are modeled simultaneously also exhibit similar patterns. The final paper investigates job search intensity by unemployed homeowners and renters in the US using the American Time Use Survey (ATUS) data from 2003 to 2013. I use Ordinary Least Squares and two-limit Tobit methods to estimate my models. The findings from regression results across different specifications of the two models estimated using the full sample shows that, on average, homeowners search for jobs less intensively compared to renters. However, when the sample is disaggregated into different unemployed groups, I find that while job losers and temporary layoff homeowners search for jobs more intensively than renters, homeowners who are re-entrant and job leavers search for jobs less intensively than renters.
Author: Casper van Ewijk Publisher: Oxford University Press ISBN: 0199543941 Category : Business & Economics Languages : en Pages : 266
Book Description
Increasing labour market flexibility is at the top of the European agenda. A new and challenging view is that lack of mobility in the labour market may arise from rigidities in the housing market. This book brings together top European economists to analyse the interaction between housing and labour markets and provides clear policy messages.
Author: Casper van Ewijk Publisher: OUP Oxford ISBN: 0191562513 Category : Business & Economics Languages : en Pages : 267
Book Description
Increasing labour market flexibility is at the top of the European agenda. A new and challenging view is a lack of mobility in the labour market may arise from rigidities in the housing market. The research in this book has been inspired by the intriguing hypothesis put forward by Andrew Oswald that homeownership may be a hindrance to the smooth working of the labour markets, as homeowners tend to be less willing to accept jobs outside their own region. This book brings together leading economists from across Europe to analyse the interaction between housing markets and labour markets. In the EU homeownership rates have been on the increase, often as a result of government policies, making the barriers that homeownership creates in terms of labour mobility increasingly important. This book shows on the one hand, at the individual level, that homeownership limits the likelihood of becoming unemployed and increases the probability of finding a job once unemployed. On the other hand, the transaction costs inherent in the housing market and homeownership hamper job-to-job changes and increase unemployment at the country level. This insight provides a clear policy message to European policymakers: reform in the housing market, aimed at lowering transaction costs and providing less generous subsidies for homeowners could be an effective instrument for reducing unemployment and improving labour market flexibility.
Author: Yuval Kantor Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
More than a decade ago Oswald has formulated the thesis that homeownership increases unemployment. Empirical research on micro data has confirmed that unemployed homeowners are less inclined to move house in combination with accepting a new job elsewhere. However, in general for European countries, residential mobility associated with unemployment spells appears to be too small to be able to have a substantial impact on labour market outcomes. The present paper aims to make a new contribution to the scientific debate on Oswald's thesis by addressing two complementary issues: risk attitudes of job seekers and commuting costs. We show that decreasing absolute risk aversion implies that the exit rate from unemployment is increasing in housing cost in the context of a standard job search model. In a spatial setting this is shown to imply that higher housing costs increase average commuting distances as well. We test these predictions on Dutch register data. Our empirical results show that outright homeowners have lower exit rates from unemployment than renters and are more reluctant to accept long commutes, which confirms Oswald's thesis. However, highly leveraged homeowners have higher exit rates than renters and are more inclined to accept longer commutes, which confirms earlier findings in the literature.
Author: Daniel Ringo Publisher: ISBN: Category : Languages : en Pages : 35
Book Description
This paper estimates the effect of home ownership on individuals' unemployment. Because of higher moving costs, home owners will be less willing than renters to re- locate for work and could therefore face longer unemployment spells. Estimation is complicated by the endogeneity of ownership, as owners will have different abilities, preferences and job prospects than renters. I instrument for home ownership using a preference shifter from the worker's childhood environment. The results indicate that home ownership is a significant hindrance to mobility, and homeowners suffer longer unemployment spells and more frequent job loss because of it.
Author: George Akpandjar
Author: George Akpandjar
Author: George Mawuli- Akpandjar
Author: 
Author: Casper van Ewijk
Author: Casper van Ewijk
Author: Yuval Kantor
Author: Daniel Ringo
Author: 
Author: Stijn Baert
Author: Daniel Cooper