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Labor market institutions and homeownership

Andrea Camilli ()

No 440, Working Papers from University of Milano-Bicocca, Department of Economics

Abstract: To what extent labor market institutions can explain homeownership rate differences over time and across countries? Using data from 19 countries over fifty years, I find a positive correlation between employment rigidities and homeownership, and a negative correlation with wage rigidities. I rationalize these findings through a DSGE model where heterogeneous households face a housing tenure decision in presence of labor frictions. Labor rigidities affect housing tenure choice through their impact on employment and wage volatility. Labor institutions explain a relevant share of homeownership heterogeneity between countries and over time and labor reforms can interfere with policies targeted to increase homeownership.

Keywords: Housing markets; Labor market institutions; DSGE; Labor reforms. (search for similar items in EconPapers)
JEL-codes: J08 J30 J50 R20 R21 (search for similar items in EconPapers)
Pages: 54
Date: 2020-05, Revised 2020-05
New Economics Papers: this item is included in nep-dge, nep-lab and nep-ure
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