Dynamism Diminished: The Role of Housing Markets and Credit Conditions

• 成果类型: Article
• 署名作者: Davis, Steven j.; Haltiwanger, John
• 署名单位: Stanford University; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20190007
• 发表日期: 2024
• 页码: 29-61
• 关键词: liquidity constraints; household wealth; business cycles; job destruction; Home equity; prices; LEVEL; entrepreneurship; volatility; creation

摘要

We estimate the effects of house price changes on young -firm employment shares and industry -level employment growth in local economies. A novel test shows that house price effects on local economies work through wealth , liquidity , and collateral effects on the propensity to start new firms and expand young ones. Aggregating local effects to the national level , our estimates imply that housing market ups and downs play a major role - as transmission channel and driving force - in medium -run fluctuations in young -firm employment shares in recent decades. We also find a distinct and smaller role for locally exogenous loan -supply shifts. ( JEL D22, E24, E32, G21, L25, R11, R31 )