G2TT
来源类型ENEPRI Working Papers
规范类型论文
Compensation of Regional Unemployment in Housing Markets
Wouter Vermeulen; Jos van Ommeren
发表日期2006-04-24
出版年2006
语种英语
摘要

Why are regional unemployment differentials in Europe so persistent if, as the wage curve literature demonstrates, there is no compensation in labour markets? We hypothesise that workers in high-unemployment regions are compensated in housing markets. Modelling regional unemployment differentials as a consequence of centralised wage bargaining, we show that clearing of land markets may undo the incentive for workers to migrate to low-unemployment regions in general equilibrium. The compensating differentials hypothesis is tested on city-level data for several countries. Controlling for variation in income and amenities, housing is found to be about 3 percent less expensive on average in cities where unemployment is 10 percent up. An analysis of housing demand survey data, which takes account of housing heterogeneity, yields a similar negative relationship. The magnitude of the income effect generated by this compensating differential is consistent with a - 0.10 wage curve elasticity. Workers in regions with high unemployment and low per capita income are therefore not necessarily worse off, and regional support programs should take this into account.

主题Rights and Security
URLhttps://www.ceps.eu/publications/compensation-regional-unemployment-housing-markets
来源智库Centre for European Policy Studies (Belgium)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/62973
推荐引用方式
GB/T 7714
Wouter Vermeulen,Jos van Ommeren. Compensation of Regional Unemployment in Housing Markets. 2006.
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