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original: House prices and regional labor markets

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Author Info

  • Thomas Hyclak

    (Lehigh University, Rauch Business Center, 621 Taylor Street, Bethlehem, PA18015-3117, USA)

  • Geraint Johnes

    (Lancaster University, Department of Economics, The Management School, Lancaster LA1 4YX, UK)

Abstract

This paper examines some potentially significant interactions between local housing and labor markets. We use an error correction model with equations explaining the average manufacturing wage, the unemployment rate, the labor force and the average house price in an urban area. Estimates are reported for the Hartford, Houston, Fort Lauderdale and Milwaukee areas using quarterly data for the 1980s. We find some evidence that unemployment and labor force changes affect house prices and that house prices have a significant effect on the size of the labor force.

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Bibliographic Info

Article provided by Springer in its journal The Annals of Regional Science.

Volume (Year): 33 (1999)
Issue (Month): 1 ()
Pages: 33-49

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Handle: RePEc:spr:anresc:v:33:y:1999:i:1:p:33-49

Note: Received: September 1995 / Accepted: January 1996
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Cited by:
  1. Sonali Das & Rangan Gupta & Alain Kabundi, 2009. "Could we have predicted the recent downturn in the South African Housing Market?," Working Papers 149, Economic Research Southern Africa.
  2. Saks, Raven E., 2008. "Job creation and housing construction: Constraints on metropolitan area employment growth," Journal of Urban Economics, Elsevier, vol. 64(1), pages 178-195, July.
  3. Rangan Gupta & Alan Kabundi & Stephen M. Miller, 2009. "Forecasting the US Real House Price Index: Structural and Non-Structural Models with and without Fundamentals," Working Papers 1001, University of Nevada, Las Vegas , Department of Economics.
  4. Jayaraman, Praveena & Lacombe, Donald & Gebremedhin, Tesfa, 2013. "A Spatial Analysis of the Role of Residential Real Estate Investment in the Economic Development of the Northeast Region of the United States," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150953, Agricultural and Applied Economics Association.
  5. Rangan Gupta, 2012. "Forecasting House Prices for the Four Census Regions and the Aggregate US Economy: The Role of a Data-Rich Environment," Working Papers 201214, University of Pretoria, Department of Economics.
  6. Jayaraman, Praveena & Gebremedhin, Tesfa G., 2013. "A Non-Spatial Analysis of the Role of Residential Real Estate Investment in the Economic Development of the Northeast Region of the United States," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 143107, Southern Agricultural Economics Association.
  7. Clark, Steven P. & Coggin, T. Daniel, 2011. "Was there a U.S. house price bubble? An econometric analysis using national and regional panel data," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(2), pages 189-200, May.
  8. Zabel, Jeffrey E., 2012. "Migration, housing market, and labor market responses to employment shocks," Journal of Urban Economics, Elsevier, vol. 72(2), pages 267-284.
  9. Rapach, David E. & Strauss, Jack K., 2009. "Differences in housing price forecastability across US states," International Journal of Forecasting, Elsevier, vol. 25(2), pages 351-372.

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