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Negative Home Equity and Household Labor Supply
Open accessAbstract
Using U.S. household‐level data and plausibly exogenous variation in the location‐timing of home purchases with a single lender, I find that negative home equity causes a 2% to 6% reduction in household labor supply. Supporting causality, households are observationally equivalent at origination and equally sensitive to local housing shocks that do not cause negative equity. Results also hold comparing purchases within the same year‐metropolitan statistical area that differ by only a few months. Though multiple channels are likely at work, evidence of nonlinear effects is broadly consistent with costs associated with housing lock and financial distress.
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Second Chance: Life without Student Debt
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Mortgage Lock‐In, Mobility, and Labor Reallocation
FONSECA, J., & LIU, L. (2024) · The Journal of Finance · doi:10.1111/jofi.13398 · Cited by 39
Metadata
- Authors
- BERNSTEIN, A.
- Affiliations
- University of Colorado Boulder (US)
- Corresponding author
- BERNSTEIN, ASAF
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2021-08-16
- Volume
- 76
- Issue
- 6
- Pages
- 2963-2995
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3187573228
- Cited by
- 83
- References
- 1
- Citations by year
- 2026: 3 · 2025: 9 · 2024: 16 · 2023: 8 · 2022: 6 · 2021: 9
- FWCI
- 7.45
- Type
- journal article
- Language
- en
- Open access
- green
- doi.org
- Locations
- The Journal of Finance (publishedVersion)
- SSRN Electronic Journal (acceptedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Housing Market and Economics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Gender Studies › Gender, Labor, and Family Dynamics
- Keywords
- household labor supply, home purchase, financial distress, mortgage origination, nonlinear effects
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