Waking Up from the American Dream: On the Experience of Young Americans during the Housing Boom of the 2000s
利用2000年代初美国各地区房价波动的差异，研究住房繁荣对年轻人购房、成家和生育决策的影响，发现房价上涨显著降低了这些行为的发生率。
We exploit regional variations in house price fluctuations in the United States during the early to mid‐2000s to study the impact of the housing boom on young Americans' choices related to home ownership, household formation, and fertility. We also introduce a novel instrument for changes in house prices based on the predetermined industrial structure of the local economy. We find that in regions that experienced large increases in house prices between 2001 and 2006, the youngest households were substantially less likely to purchase residential property, to be married, and to have a child, both in 2006 and in 2011.