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Fertility and the user cost of home ownership: Evidence from regional panel data

  • XXX, Shuya
  • Iwata, Shinichiro
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    Cross-sectional data yield the interesting result that fertility rates and home ownership rates tend to correlate positively, while time-series data suggest an inverse (or no) relationship between them. Although these associations can be explained by observed economic variables, doubt remains as to whether these links are due to the existence of omitted regional and time effects. Thus, controlling for regional-specific fixed effects and nationwide common time effects, this paper tests the link between the user cost of home ownership, which is the purchase price of housing, and total fertility rates. The empirical results, which use a panel of Japanese regional aggregate data, suggest that the impact of user costs on fertility considerably decreased when compared with the pooled OLS regression result without controlling for the above effects, but remained significantly negative. In the Japanese context, the association between the number of children and home ownership seems to be complementary.

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    File URL: http://mpra.ub.uni-muenchen.de/37387/1/MPRA_paper_37387.pdf
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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 37387.

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    Date of creation: Mar 2012
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    Handle: RePEc:pra:mprapa:37387
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    1. James Feyrer & Bruce Sacerdote & Ariel Dora Stern, 2008. "Will the Stork Return to Europe and Japan? Understanding Fertility within Developed Nations," Journal of Economic Perspectives, American Economic Association, vol. 22(3), pages 3-22, Summer.
    2. Hashimoto, Yuki & Kondo, Ayako, 2012. "Long-term effects of labor market conditions on family formation for Japanese youth," Journal of the Japanese and International Economies, Elsevier, vol. 26(1), pages 1-22.
    3. Lisa J. Dettling & Melissa Schettini Kearney, 2011. "House Prices and Birth Rates: The Impact of the Real Estate Market on the Decision to Have a Baby," NBER Working Papers 17485, National Bureau of Economic Research, Inc.
    4. George B. Roberts, Chairman, Universities-National Bureau Committee for Economic Research, 1960. "Demographic and Economic Change in Developed Countries," NBER Books, National Bureau of Economic Research, Inc, number univ60-2, May.
    5. Ben-Shahar, Danny, 1998. "On the Optimality of the Hybrid Tenure Mode," Journal of Housing Economics, Elsevier, vol. 7(1), pages 69-92, March.
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