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A Conjecture on the Explanation for High Unemployment in the Industrialized Nations : Part I

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Author Info
Oswald Andrew J.

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Abstract

The paper conjectures that the high unemployment of the Western economies has been produced by the decline of the private house-rental market and the rise of home-ownership. Evidence is provided for the developed nations, the states of the USA, and the regions of the UK, Italy, France and Sweden. Although its calculations should be viewed as tentative, the paper's results imply that a 10 percentage point rise in the owner-occupation rate is associated with an increase of approximately 2 percentage points in the unemployment rate. This would be sufficient to explain a significant part of the rise in joblessness in the industrialized countries.

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File URL: http://www2.warwick.ac.uk/fac/soc/economics/research/papers/Other/twerp_475.pdf
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Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 475.

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Length: 42 pages
Date of creation: 1996
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Handle: RePEc:wrk:warwec:475

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Christofides, Louis N & Oswald, Andrew J, 1992. "Real Wage Determination and Rent-Sharing in Collective Bargaining Agreements," The Quarterly Journal of Economics, MIT Press, vol. 107(3), pages 985-1002, August. [Downloadable!] (restricted)
    Other versions:
  2. McCallum, John, 1983. "Inflation and Social Consensus in the Seventies," Economic Journal, Royal Economic Society, vol. 93(372), pages 784-805, December. [Downloadable!] (restricted)
  3. Di Tella, R. & MacCulloch, R., 1996. "The Determination of Unemployment Benefits," Economics Series Working Papers 99180, University of Oxford, Department of Economics.
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  4. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-44, June. [Downloadable!] (restricted)
  5. Blanchflower, David G. & Oswald, Andrew J., 2004. "Well-being over time in Britain and the USA," Journal of Public Economics, Elsevier, vol. 88(7-8), pages 1359-1386, July. [Downloadable!] (restricted)
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  6. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Hysteresis and the European Unemployment Problem," Working papers 427, Massachusetts Institute of Technology (MIT), Department of Economics.
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  7. Hughes, Gordon & McCormick, Barry & McCormick, Barry, 1987. "Housing markets, unemployment and labour market flexibility in the UK," European Economic Review, Elsevier, vol. 31(3), pages 615-641, April. [Downloadable!] (restricted)
  8. Bentolila, Samuel & Bertola, Giuseppe, 1990. "Firing Costs and Labour Demand: How Bad Is Eurosclerosis?," Review of Economic Studies, Blackwell Publishing, vol. 57(3), pages 381-402, July. [Downloadable!] (restricted)
  9. Calmfors, Lars, 1993. "Lessons from the macroeconomic experience of Sweden," European Journal of Political Economy, Elsevier, vol. 9(1), pages 25-72, March. [Downloadable!] (restricted)
  10. Oswald, Andrew J, 1986. "Unemployment Insurance and Labor Contracts under Asymmetric Information: Theory and Facts," American Economic Review, American Economic Association, vol. 76(3), pages 365-77, June. [Downloadable!] (restricted)
  11. McCormick, Barry, 1983. "Housing and Unemployment in Great Britain," Oxford Economic Papers, Oxford University Press, vol. 35(0), pages 283-305, Supplemen. [Downloadable!] (restricted)
  12. Junankar, P.N. & Madsen, J.B., 1994. "Unemployment in the OECD: Models, Myths and Mysteries," Papers 278, Australian National University - Department of Economics.
  13. Hughes, G A & McCormick, B, 1985. "Migration Intentions in the U.K.: Which Households Want to Migrate and Which Succeed?," Economic Journal, Royal Economic Society, vol. 95(380a), pages 113-23, Supplemen. [Downloadable!] (restricted)
  14. Rowthorn, R E, 1977. "Conflict, Inflation and Money," Cambridge Journal of Economics, Oxford University Press, vol. 1(3), pages 215-39, September.
  15. A Carruth & M Hooker & A Oswald, 1994. "Unemployment," CEP Discussion Papers 0188, Centre for Economic Performance, LSE.
  16. Wadsworth, Jonathan, 1998. "Eyes Down for a Full House: Labour Market Polarisation and the Housing Market in Britain," Scottish Journal of Political Economy, Scottish Economic Society, vol. 45(4), pages 376-92, September. [Downloadable!] (restricted)
  17. Henley, A, 1996. "Residential Mobility, Housing Wealth and the Labour Market," Working Papers 96-15, University of Wales, Aberystwyth, Department of Economics. [Downloadable!]
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  18. Clark, Andrew E & Oswald, Andrew J, 1994. "Unhappiness and Unemployment," Economic Journal, Royal Economic Society, vol. 104(424), pages 648-59, May. [Downloadable!] (restricted)
  19. Grossman, Sanford J & Hart, Oliver D, 1981. "Implicit Contracts, Moral Hazard, and Unemployment," American Economic Review, American Economic Association, vol. 71(2), pages 301-07, May. [Downloadable!] (restricted)
  20. Robert E. Hall, 1970. "Why Is the Unemployment Rate So High at Full Employment?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 1(1970-3), pages 369-410. [Downloadable!]
  21. Bover, Olympia & Muellbauer, John & Murphy, Anthony, 1989. "Housing, Wages and UK Labour Markets," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 51(2), pages 97-136, March.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Pablo Casas-Arce & Albert Saiz, 2006. "Owning versus leasing: do courts matter?," Working Papers 06-21, Federal Reserve Bank of Philadelphia. [Downloadable!]
  2. François Ortalo-Magné & Sven Rady, . "Homeownership: Volatile Housing Prices, Low Labor Mobility and High Income Dispersion," Wisconsin-Madison CULER working papers 02-04, University of Wisconsin Center for Urban Land Economic Research. [Downloadable!]
  3. Gary Engelhardt, 2001. "Nominal Loss Aversion, Housing Equity Constraints, and Household Mobility: Evidence from the United States," Center for Policy Research Working Papers 42, Center for Policy Research, Maxwell School, Syracuse University. [Downloadable!]
  4. Ellingsen, Tore & Holden, Steinar, 1997. "Indebtedness and Unemployment: A Durable Relationship," Working Paper Series in Economics and Finance 186, Stockholm School of Economics. [Downloadable!]
  5. Michael Svarer & Michael Rosholm & Jacob Roland Munch, 2003. "Are Home Owners Really more Unemployed?," CAM Working Papers 2003-09, University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics. [Downloadable!]
    Other versions:
  6. Jaakko Pehkonen, 1999. "Wage formation in Finland, 1960-1994," Finnish Economic Papers, Finnish Society for Economic Research, vol. 12(2), pages 82-91, Autumn. [Downloadable!]
  7. Hannu Tervo, 2000. "Migration and Labour Market Adjustment: empirical evidence from Finland 1985–90," International Review of Applied Economics, Taylor and Francis Journals, vol. 14(3), pages 343-360, July. [Downloadable!] (restricted)
  8. Torben Andersen, 2003. "From Excess to Shortage -- Recent Developments in the Danish Labour Market," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
  9. Guy Debelle & James Vickery, 1998. "Labour Market Adjustment: Evidence on Interstate Labour Mobility," RBA Research Discussion Papers rdp9801, Reserve Bank of Australia. [Downloadable!]
  10. Jari Jouni Kalervo Ritsila & Hannu Tervo, 1998. "Regional differences in migratory behaviour in Finland," ERSA conference papers ersa98p39, European Regional Science Association. [Downloadable!]
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