House Price Shocks, Windfall Gains and Hours of Work: British Evidence*
利用1992-2001年英国雇员面板数据，研究发现工人会因住房财富收益而减少工作时间，男性在住房损失时增加工时，女性在收益时减少工时。
Abstract Do workers adjust hours of work in response to capital gains and losses? This paper investigates this question using British panel data on individual employees from 1992 to 2001. It investigates hours of work adjustments to two sources of capital gain: financial windfalls and real housing wealth gains. Significant reductions in hours are found for both men and women in response, in particular, to housing gains. Men appear to increase hours in response to real housing losses, whereas women reduce hours in response to real housing gains. Evidence on hours of work preferences suggests that observed adjustments are only partial responses.