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A note on the benefits of homeownership

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  • Daniel Aaronson

Abstract

This brief note adds to recent work that attempts to identify externalities associated with homeownership. The results suggest that some of the homeownership effect found in Green and White [5] is driven by family characteristics associated with homeownership, especially residential stability. However, as much as homeownership increases residential stability, it appears to be correlated with higher school attainment. Attempts to control for endogeneity cannot eliminate this finding. ; Originally issued as WP 98-20 (June 1999)

Suggested Citation

  • Daniel Aaronson, 1999. "A note on the benefits of homeownership," Working Paper Series WP-99-23, Federal Reserve Bank of Chicago.
  • Handle: RePEc:fip:fedhwp:wp-99-23
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    References listed on IDEAS

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    1. Currie, Janet & Yelowitz, Aaron, 2000. "Are public housing projects good for kids?," Journal of Public Economics, Elsevier, pages 99-124.
    2. C-B. An & R. H. Haveman & B. L. Wolfe, "undated". "The "window problem" in studies of children's attainments: A methodological exploration," Institute for Research on Poverty Discussion Papers 977-92, University of Wisconsin Institute for Research on Poverty.
    3. Douglas Staiger & James H. Stock, 1997. "Instrumental Variables Regression with Weak Instruments," Econometrica, Econometric Society, vol. 65(3), pages 557-586, May.
    4. Green, Richard K. & White, Michelle J., 1997. "Measuring the Benefits of Homeowning: Effects on Children," Journal of Urban Economics, Elsevier, vol. 41(3), pages 441-461, May.
    5. Rivers, Douglas & Vuong, Quang H., 1988. "Limited information estimators and exogeneity tests for simultaneous probit models," Journal of Econometrics, Elsevier, pages 347-366.
    6. 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.
    7. Epple, Dennis & Romer, Thomas, 1991. "Mobility and Redistribution," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 828-858, August.
    8. DiPasquale, Denise & Glaeser, Edward L., 1999. "Incentives and Social Capital: Are Homeowners Better Citizens?," Journal of Urban Economics, Elsevier, vol. 45(2), pages 354-384, March.
    9. Robert Haveman & Barbara Wolfe & James Spaulding, 1991. "Childhood events and circumstances influencing high school completion," Demography, Springer;Population Association of America (PAA), vol. 28(1), pages 133-157, February.
    10. Nan Astone & Sara McLanahan, 1994. "Family structure, residential mobility, and school dropout: A research note," Demography, Springer;Population Association of America (PAA), vol. 31(4), pages 575-584, November.
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    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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