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Land Prices and Unemployment / Zheng Liu, Jianjun Miao, Tao Zha.
- Format:
- Book
- Author/Creator:
- Liu, Zheng.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w19382.
- NBER working paper series no. w19382
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2013.
- Summary:
- We integrate the housing market and the labor market in a dynamic general equilibrium model with credit and search frictions. The model is confronted with the U.S. macroeconomic time series. Our estimated model can account for two prominent facts observed in the data. First, the land price and the unemployment rate tend to move in opposite directions over the business cycle. Second, a shock that moves the land price is capable of generating large volatility in unemployment. Our estimation indicates that a 10 percent drop in the land price leads to a 0.34 percentage point increase of the unemployment rate (relative to its steady state).
- Notes:
- Print version record
- August 2013.
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