Dynamism Diminished: The Role of Housing Markets and Credit Conditions
研究了房价变化对地方经济中年轻企业就业份额和行业就业增长的影响，发现住房市场波动是近几十年年轻企业就业份额中期波动的主要传导渠道和驱动因素。
We estimate the effects of house price changes on young-firm employment shares and industry-level employment growth in local economies. A novel test shows that house price effects on local economies work through wealth, liquidity, and collateral effects on the propensity to start new firms and expand young ones. Aggregating local effects to the national level, our estimates imply that housing market ups and downs play a major role—as transmission channel and driving force—in medium-run fluctuations in young-firm employment shares in recent decades. We also find a distinct and smaller role for locally exogenous loan-supply shifts.