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Public Education and Intergenerational Housing Wealth Effects / Michael Gilraine, James Graham, Angela Zheng.
- Format:
- Book
- Author/Creator:
- Gilraine, Michael.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w31345.
- NBER working paper series no. w31345
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2023.
- Summary:
- While rising house prices benefit existing homeowners, we document a new channel through which price shocks have intergenerational wealth effects. Using panel data from school zones within a large U.S. school district, we find that higher local house prices lead to improvements in local school quality, thereby increasing child human capital and future incomes. We quantify this housing wealth channel using an overlapping generations model with neighborhood choice, spatial equilibrium, and endogenous school quality. Housing market shocks in the model generate large intra- and intergenerational wealth effects, with the latter accounting for over half of total wealth effects.
- Notes:
- Print version record
- June 2023.
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