| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17405 |
| 来源ID | Working Paper 17405 |
| Housing Busts and Household Mobility: An Update | |
| Fernando Ferreira; Joseph Gyourko; Joseph Tracy | |
| 发表日期 | 2011-09-08 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | This paper provides updated estimates of the impact of three financial frictions - negative equity, mortgage lock-in, and property tax lock-in - on household mobility. We add the 2009 wave of the American Housing Survey (AHS) to our sample and also create an improved measure of permanent moves in response to Schulhofer-Wohl's (2011) critique of our earlier work (Ferreira, Gyourko and Tracy (2010)). Our updated estimates corroborate our previous results: negative equity reduces household mobility by 30 percent, and $1,000 of additional mortgage or property tax costs reduces household mobility by 10%-16%. Schulhofer-Wohl's finding of a slight positive correlation between mobility and negative equity appears due to a large fraction of false positives, as his coding methodology has the propensity to misclassify almost half of the additional moves it identifies relative to our measure of permanent moves. This also makes his mobility measure dynamically inconsistent, as many transitions originally classified as a move are reclassified as a non-move when additional AHS panels become available. We conclude with directions for future research, including potential improvements to measures of household mobility. |
| 主题 | Regional and Urban Economics |
| URL | https://www.nber.org/papers/w17405 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575079 |
| 推荐引用方式 GB/T 7714 | Fernando Ferreira,Joseph Gyourko,Joseph Tracy. Housing Busts and Household Mobility: An Update. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17405.pdf（187KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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