Manufacturing Decline and House Price Volatility

Isaiah Hull, Conny Olovsson, Karl Walentin and Andreas Westermark

Review of Economic Dynamics, 2022, vol. 45, 264-281

Abstract: Using a new dataset of all Swedish housing transactions over the 2009-2017 period, we find that manufacturing's share of employment is positively associated with house price growth volatility and negatively associated with risk-adjusted capital gains. Both effects appear to be related to manufacturing's impact on firm concentration and employment volatility. Moreover, they imply that the manufacturing decline since 1970 could account for a 35% reduction in house price volatility. (Copyright: Elsevier)

Keywords: House Prices; Portfolio Choice; Manufacturing; Volatility (search for similar items in EconPapers)
JEL-codes: G11 O14 O18 R21 R31 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1016/j.red.2021.06.005

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