Did the Housing Price Bubble Clobber Local Labor Market Job and Worker Flows When It Burst?
利用人口普查局季度劳动力指标和联邦住房金融局房价指数，研究了房价泡沫对当地劳动力市场的影响，发现泡沫最严重的35个都市区稳定就业下降远超全国平均，入职率下降更快而离职率稳定。
We use the Census Bureau's Quarterly Workforce Indicators and the Federal Housing Finance Agency's House Price Indices to study the effects of the housing price bubble on local labor markets. We show that the 35 MSAs in the top decile of the house price boom were most severely impacted. Their stable job employment fell much more than the national average. Their real wage rates did not fall as fast as the national average. Accessions fell much faster than average while separations were constant. Job creations fell substantially while destructions rose slightly.