House Prices and Job Losses
Bibliographic Data
| ID | 9713671 |
|---|---|
| Authors | Gábor Pintér (0000-0002-7666-196X, Bank of England and Centre for Macroeconomics, corresponding author) |
| Year | 2019 |
| Volume | 129 |
| Issue | 618 |
| Pages | 991-1013 |
| Publication date | 2019-02-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/ecoj.12613 |
| OpenAlex | W2133246183 |
| Language | EN |
| Citations received | 1 |
| References cited | 59 |
This article studies the strong co-movement between house prices and job losses over the UK business cycle. An aggregate SVAR and a regional proxy SVAR model are used to provide empirical evidence on the effect of house prices on labour markets. To explain the mechanism, a general equilibrium model with collateral constraints, endogenous job separation and housing shocks is estimated via Bayesian methods. I find that shocks to housing demand: (i) explain about 10–20% of output fluctuations and 20–30% of labour market fluctuations via the collateral channel; and (ii) were a major cause in triggering the 1990 and 2008 recessions
Business cycle · Collateral · Economics · General equilibrium theory · Great recession · House price · Labour economics · Macroeconomics · Monetary economics · Proxy (statistics · Recession · Finance · Financial Literacy, Pension, Retirement Analysis · Housing Market and Economics · Housing, Finance, and Neoliberalism
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| Unique citing works | 1 |
|---|---|
| Citations per year | 0,25 |
| Citation span | 2022 - 2022 (1) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |