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Unemployment and home-ownership

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  • Jaakko Pehkonen

Abstract

Oswald (mimeo, University of Warwick, 1996) theorizes that a secular rise in homeownership constitutes a possible explanation for the observed rise in unemployment in Europe. Our results provide support for this notion. In particular, the results based on the regional data on Finnish labour districts imply that a 10% difference in the owneroccupation rate is associated with a 1 percentage point difference in the unemployment rate. The results are tentative, since the regressions are based on a small number of observations.

Suggested Citation

  • Jaakko Pehkonen, 1999. "Unemployment and home-ownership," Applied Economics Letters, Taylor & Francis Journals, vol. 6(5), pages 263-265.
    • Handle: RePEc:taf:apeclt:v:6:y:1999:i:5:p:263-265
    DOI: 10.1080/135048599353186
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    References listed on IDEAS

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    1. D. Grubb & R. Jackman & R. Layard, 1982. "Causes of the Current Stagflation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 49(5), pages 707-730.
    2. Michael Bruno & Jeffrey Sachs, 1982. "Input Price Shocks and the Slowdown in Economic Growth: The Case of U.K.Manufacturing," NBER Working Papers 0851, National Bureau of Economic Research, Inc.
    3. Oswald Andrew J., 1996. "A Conjecture on the Explanation for High Unemployment in the Industrialized Nations : Part I," The Warwick Economics Research Paper Series (TWERPS) 475, University of Warwick, Department of Economics.
    4. Michael Bruno & Jeffrey Sachs, 1982. "Input Price Shocks and the Slowdown in Economic Growth: The Case of U.K. Manufacturing," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 49(5), pages 679-705.
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    Cited by:

    1. Vincenzo Cassino & Richard Thornton, 2002. "Do changes in structural factors explain movements in the equilibrium rate of unemployment?," Bank of England working papers 153, Bank of England.
    2. Ch.-M. CHEVALIER & R. LARDEUX, 2017. "Homeownership and labor market outcomes: disentangling externality and composition effects," Documents de Travail de l'Insee - INSEE Working Papers g2017-09, Institut National de la Statistique et des Etudes Economiques.
    3. Yang, Xi, 2019. "The effects of home ownership on post-unemployment wages," Regional Science and Urban Economics, Elsevier, vol. 74(C), pages 1-17.
    4. Oliver Lerbs, 2011. "Is there a link between homeownership and unemployment? Evidence from German regional data," International Economics and Economic Policy, Springer, vol. 8(4), pages 407-426, December.
    5. Dietz, Robert D. & Haurin, Donald R., 2003. "The social and private micro-level consequences of homeownership," Journal of Urban Economics, Elsevier, vol. 54(3), pages 401-450, November.
    6. William Cochrane & Jacques Poot, 2020. "Did the post-1986 decline in the homeownership rate benefit the New Zealand labour market? A spatial-econometric exploration," Asia-Pacific Journal of Regional Science, Springer, vol. 4(1), pages 261-284, February.
    7. George Bratsiotis & Christopher Martin & Theo Panagiotidis, 2004. "Monetary Policy and the Natural Rate of Unemployment," Money Macro and Finance (MMF) Research Group Conference 2004 70, Money Macro and Finance Research Group.
    8. Andrea Morescalchi, 2016. "The Puzzle Of Job Search And Housing Tenure: A Reconciliation Of Theory And Empirical Evidence," Journal of Regional Science, Wiley Blackwell, vol. 56(2), pages 288-312, March.
    9. Allen Head & Huw Lloyd-Ellis, 2012. "Housing Liquidity, Mobility, and the Labour Market," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 79(4), pages 1559-1589.
    10. Guler, Bulent & Taskin, Ahmet Ali, 2018. "Homeownership and unemployment: The effect of market size," Labour Economics, Elsevier, vol. 54(C), pages 191-209.
    11. Lerbs, Oliver, 2010. "Is there a link between home ownership and unemployment levels? Evidence from German regional data," CAWM Discussion Papers 34, University of Münster, Münster Center for Economic Policy (MEP).

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