Housing and Labor Market Vacancies and Beveridge Curves: Theoretical Framework and Illustrative Statistics
Yannis Ioannides () and
Jeffrey E. Zabel
No 828, Discussion Papers Series, Department of Economics, Tufts University from Department of Economics, Tufts University
The paper presents a model of housing and labor markets in the DMP tradition. The model treats decisions about housing and labor supply as joint decisions of individuals, articulates how the renting and owner segments of housing markets adjust through turnover ows and highlights the transitions across different discrete states in those markets, that is owner-to- owner, owner-to-renter, renter-to-owner, and renter-to-renter by unemployed or employed workers. It allows for vacancy rates in the rental and owner segments of the housing market, and introduces a novel concept of "unemployment" in housing markets thus allowing for the definition of Beveridge curves for housing markets. The paper documents the empirical significance of these concepts by means of data from the Panel Study of Income Dynamics for 1969-2015.
Keywords: Housing Vacancies; Job Openings; Beveridge Curves; Housing and labor markets. (search for similar items in EconPapers)
JEL-codes: R23 J64 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:tuf:tuftec:0828
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