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House prices, wealth effects and labour supply

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journal contribution
posted on 2023-06-09, 08:49 authored by Richard Disney, John Gathergood
We examine the impact of house prices on labour supply decisions using UK microdata. We combine household survey data with local-level house price measures and controls for local labour demand. Our microdata also allow us to control for individual level income expectations. We find significant house price effects on labour supply, consistent with leisure being a normal good. Labour supply responses to house prices are concentrated among young married female owners and older owners. This finding suggests that house prices affect the decisions of marginal workers in the economy. Our estimates imply that house prices are economically important in the participation decisions for these workers.

History

Publication status

  • Published

File Version

  • Accepted version

Journal

Economica

ISSN

0013-0427

Publisher

Wiley

Issue

339

Volume

85

Page range

449-478

Department affiliated with

  • Economics Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2017-11-14

First Open Access (FOA) Date

2019-05-01

First Compliant Deposit (FCD) Date

2019-02-27

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