Moving to a Job: The Role of Home Equity, Debt, and Access to Credit

• 成果类型: Article
• 署名作者: Demyanyk, Yuliya; Hryshko, Dmytro; Luengo-Prado, Maria Jose; Sorensen, Bent E.
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Alberta; Federal Reserve System - USA; Federal Reserve Bank - Boston; University of Houston System; University of Houston; Centre for Economic Policy Research - UK
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20130326
• 发表日期: 2017
• 页码: 149-181
• 关键词: labor-market; life-cycle; mobility; migration; US; unemployment; consumption; homeowners; OWNERSHIP; CHOICE

摘要

We use individual-level credit reports merged with loan-level mortgage data to estimate how home equity interacted with mobility in relatively weak and strong labor markets in the United States during the Great Recession. We construct a dynamic model of housing, consumption, employment, and relocation, which provides a structural interpretation of our empirical results and allows us to explore the role that foreclosure played in labor mobility. We find that negative home equity is not a significant barrier to job-related mobility because the benefits of accepting an out-of-area job outweigh the costs of moving. This pattern holds even if homeowners are not able to default on their mortgages.