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on Housing and Real Estate |
| By: | Vera Chiodi (Sorbonne University Paris); Bruno Crépon (CREST-ENSAE); Guillermo Cruces (Universidad de San Andrés, CONICET, and University of Nottingham) |
| Abstract: | Housing conditions, residential location, and employment are key determinants of individual welfare, particularly for vulnerable populations facing credit constraints and information frictions. We examine how housing assistance affects employment outcomes using a randomized controlled trial in France that provided vulnerable youth (aged 18–25) with both job search assistance and housing support, including rent guarantees. The program successfully improved housing conditions: beneficiaries experienced better accommodation stability, reduced precarious situations, and increased satisfaction with their housing. However, despite substantial social worker support, the program did not improve employment rates, contract types, or earnings. Strikingly, beneficiaries moved to neighborhoods with objectively worse employment opportunities and lower socioeconomic indicators, yet reported higher satisfaction with their residential areas. This apparent paradox reveals that beneficiaries appear to prioritize housing affordability and conditions over employment access. Our results suggest that successful interventions may need to explicitly balance housing improvements with maintaining access to employment opportunities. |
| JEL: | J8 J60 O18 R23 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:sad:wpaper:180 |
| By: | Carlos Cañizares Martínez; Adriana Lojschová; Alicia Aguilar |
| Abstract: | This paper estimates the effects of standard monetary policy shocks on housing and other macro variables in Slovakia, a CESEE country. For that purpose, we use a non linear local projection model which uncovers asymmetries in these effects around three different dimensions: high versus low economic growth, interest rates and infla tion. The main findings in this study are as follows. First, we often find no evidence of standard monetary policy eliciting a contractionary response in house prices or housing investment. Second, evidence is weakest during recessions and periods of low interest rates or low inflation. Third, these findings may be linked to the inability of monetary policy to trigger significant contractionary effects on household lending, which in turn may be linked to the effective lower bound on interest rates, the pre dominance of fixed-rate mortgages in Slovakia, or interaction between monetary and macroprudential policy. We also provide a discussion on the possible country charac teristics that might drive these results and policy implications. |
| Keywords: | Monetary policy, nonlinearities, local projections, euro area. |
| JEL: | C32 C36 E42 E52 E58 R21 R31 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:bcl:bclwop:bclwp202 |
| By: | Xi Yang |
| Abstract: | This study examines the causal effect of housing wealth on labor supply using restricted geographic data from the Survey of Income and Program Participation (SIPP). The analysis employs a novel household-level instrument that measures the duration of homeowners’ exposure to housing market booms driven by credit expansion in housing supply-constrained areas, leveraging cross-household variation in both the timing and location (counties) of home purchases. Housing wealth negatively affects women’s labor supply, a 1% increase lowers participation by 0.098 pp, but shows no significant effect for men. This negative wealth effectamong female workers is driven primarily by childcare responsibilities and human capital investment, as it is strongest among mothers of young children and those who report child-related reasons for not working. Other potential mechanisms, such as income effects, precautionary saving, or liquidity constraints, do not seem to fully explain the negative association. |
| Keywords: | Housing Wealth, Credit Expansion, Female Labor Supply, Childcare and Human Capital Investment |
| JEL: | J22 G21 R21 R31 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cen:wpaper:26-15 |