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Dynamism Diminished: The Role of Housing Markets and Credit Conditions / Steven J. Davis, John C. Haltiwanger.
- Format:
- Book
- Author/Creator:
- Davis, Steven J.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w25466.
- NBER working paper series no. w25466
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Dynamism Diminished
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2019.
- Summary:
- We estimate the effects of house price changes on young-firm employment shares and industry- level employment growth in local economies. A novel test shows that house price effects on local economies work through wealth, liquidity and collateral effects on the propensity to start new firms and expand young ones. Aggregating local effects to the national level, our estimates imply that housing market ups and downs play a major role - as transmission channel and driving force - in medium-run fluctuations in young-firm employment shares in recent decades. We also find a distinct and smaller role for locally exogenous loan-supply shifts.
- Notes:
- Print version record
- January 2019.
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