The Effects of House Prices and Home Equity Extraction on Career Outcomes
研究房价下跌如何影响电影行业从业者的职业选择，发现房主会减少高质量项目参与、增加低质量项目，而租房者不受影响，且房屋净值提取加剧了这一效应。
Abstract This paper investigates the effects of housing wealth shocks on workers’ career decisions related to job quality and long-term career outcomes. Using a novel data set of career histories in the film industry, we find that homeowners facing greater house price declines reduce participation in high-quality projects but increase involvement in low-quality films. Conversely, renters are not affected by these shocks. Consistent with individuals using home equity during job searches, these shocks have a greater impact on homeowners who extracted home equity during the housing boom. Moreover, house price declines from the housing crisis affect long-term career paths.