Land prices and unemployment

被引：47

作者：

Liu, Zheng ^{[1
]}

Miao, Jianjun ^{[2
,3
,4
]}

Zha, Tao ^{[5
,6
,7
]}

机构：

[1] Fed Reserve Bank San Francisco, 101 Market St, San Francisco, CA 94105 USA

[2] Boston Univ, Dept Econ, 270 Bay State Rd, Boston, MA 02215 USA

[3] Cent Univ Finance & Econ, CEMA, Beijing, Peoples R China

[4] Zhejiang Univ, AFR, Hangzhou, Zhejiang, Peoples R China

[5] Fed Reserve Bank Atlanta, 1000 Peachtree St NE, Atlanta, GA 30309 USA

[6] Emory Univ, Dept Econ, 1602 Fishburne Dr, Atlanta, GA 30322 USA

[7] NBER, Cambridge, MA 02138 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2016年 / 80卷

基金：

美国国家科学基金会;

关键词：

Housing and labor markets; Labor channel; Real wage rigidity; Intensive and extensive margins; Unemployment; EQUILIBRIUM UNEMPLOYMENT; CYCLICAL BEHAVIOR; RESIDENTIAL LAND; LABOR-MARKETS; VACANCIES; CREDIT; FLUCTUATIONS; CONSUMPTION; DYNAMICS; MODEL;

D O I：

10.1016/j.jmoneco.2016.05.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We integrate the housing market and the labor market in a dynamic general equilibrium model with credit and search frictions. We argue that the labor channel, combined with the standard credit channel, provides a strong transmission mechanism that can deliver a potential solution to the Shimer (2005) puzzle. The model is confronted with U.S. macroeconomic time series. The estimation results account for two prominent facts observed in the data. First, land prices and unemployment move in opposite directions over the business cycle. Second, a shock that moves land prices also generates the observed large volatility of unemployment. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：86 / 105

页数：20

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