Residential Mobility, Housing Equity and the Labour Market
利用英国BHPS面板数据，分析负住房权益对居民搬迁的影响，发现负权益显著降低流动性，且房主不因劳动力市场变化而搬迁，加剧了就业匹配中的刚性。
UK commentators have noted that the UK housing market may hinder labour market flexibility. The present paper uses UK household longitudinal data (BHPS) for the early 1990s, and estimates single and competing risk discrete time duration models of residence duration to investigate the impact of negative housing equity on residential moves. Strong evidence for an adverse impact on mobility is found, along with results to suggest that the home‐owners do not move in response to changing labour market conditions. Negative equity in the early 1990s therefore exacerbated housing market related rigidities in the job matching process