Home Equity and Labor Income: The Role of Constrained Mobility
利用美国房主数据，发现贷款价值比与劳动收入呈负向非线性关系，高LTV者因流动性受限而收入更低，且更可能不搬家换工作。
Abstract Using detailed data for U.S. homeowners, we document a negative, nonlinear relation between the loan-to-value ratio (LTV) of homeowners’ primary residence and their labor income. Consistent with high LTV individuals experiencing constrained mobility, we find stronger effects among subprime, liquidity- constrained individuals and those living in regions with limited alternative local employment opportunities and strict noncompete law enforcement. Though high LTV individuals are less likely to move across MSAs, they are more likely to change jobs without changing their residence. We find no effects among similar neighboring renters employed at the same firm and with a similar job tenure.