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American Economic Review: Vol. 102 No. 3 (May 2012)

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Did the Housing Price Bubble Clobber Local Labor Market Job and Worker Flows When It Burst?

Article Citation

Abowd, John M., and Lars Vilhuber. 2012. "Did the Housing Price Bubble Clobber Local Labor Market Job and Worker Flows When It Burst?." American Economic Review, 102(3): 589-93.

DOI: 10.1257/aer.102.3.589

Abstract

We use the Census Bureau's Quarterly Workforce Indicators and the Federal Housing Finance Agency's House Price Indices to study the effects of the housing price bubble on local labor markets. We show that the 35 MSAs in the top decile of the house price boom were most severely impacted. Their stable job employment fell much more than the national average. Their real wage rates did not fall as fast as the national average. Accessions fell much faster than average while separations were constant. Job creations fell substantially while destructions rose slightly.

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Authors

Abowd, John M. (Labor Dynamics Institute, Cornell U)
Vilhuber, Lars (Labor Dynamics Institute, Cornell U)

JEL Classifications

E32: Business Fluctuations; Cycles
R23: Urban, Rural, Regional, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics
R31: Housing Supply and Markets
E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital


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