House Prices, Wealth Effects and Labour Supply

Richard Disney and John Gathergood

Economica, 2018, vol. 85, issue 339, 449-478

Abstract: We examine the impact of house prices on labour supply decisions using UK microdata. We combine household survey data with local‐level house price measures and controls for local labour demand. Our microdata also allow us to control for individual level income expectations. We find significant house price effects on labour supply, consistent with leisure being a normal good. Labour supply responses to house prices are concentrated among young married female owners and older owners. This finding suggests that house prices affect the decisions of marginal workers in the economy. Our estimates imply that house prices are economically important in the participation decisions for these workers.

Date: 2018
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https://doi.org/10.1111/ecca.12253

Related works:
Working Paper: House prices wealth effect and labor supply (2015)
Working Paper: House prices, wealth effects and labor supply (2014)
Working Paper: House Prices, Wealth Effects and Labour Supply (2013)
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