Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/154325 
Year of Publication: 
2016
Series/Report no.: 
ECB Working Paper No. 1892
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
We exploit regional variation in US house price fluctuations during the boom-bust cycle of the 2000s to study the impact of the housing cycle on young Americans' choices related to education and employment. We find that in MSAs which experienced large increases in house prices between 2001 and 2006, young adults were substantially more likely to forego a higher education and join the workforce, lowering skill formation. During the bust years, the young, especially those without higher education, were more likely to be unemployed in areas which experienced higher declines in house prices.
Subjects: 
booms
education
house prices
unemployment
JEL: 
E32
G21
J10
R21
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-2021-6
Document Type: 
Working Paper

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