A Lost Generation? Education Decisions and Employment Outcomes during the US Housing Boom-Bust Cycle of the 2000s
利用2000年代美国房价波动的地区差异，研究房地产周期如何影响年轻人是否上大学和就业选择，发现繁荣期房价上涨使年轻人更可能放弃高等教育去工作，而萧条期房价下跌则导致低学历者失业率更高。
We exploit regional variations in U.S. house price fluctuations during the boom-bust cycle of the 2000s to study the impact of the housing cycle on young Americans' choices related to education and employment. We find that in MSAs which experienced large increases in house prices between 2001 and 2006, young adults were substantially more likely to forego a higher education and join the workforce, lowering skill formation. During the bust years, the young, especially those without higher education, were more likely to be unemployed in areas which experienced higher declines in house prices.