Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/334994 
Year of Publication: 
2025
Series/Report no.: 
ECB Working Paper No. 3109
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
This paper examines how structural change in labor markets affects household credit outcomes. Using a Shift-Share instrumental variable approach, we find that occupational shifts negatively influence mortgage holding for households facing favorable job market conditions, such as stable employment and income growth. Our results, robust to alternative specifications, suggest that when both individual and economy-wide career prospects are favorable, the opportunity costs of settling down grow accordingly.
Subjects: 
Structural change
Job security
Household credit
JEL: 
G51
J24
D84
O15
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-7425-7
Document Type: 
Working Paper

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