Spatial Lock-in: Do Falling House Prices Constrain Residential Mobility?
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منابع مشابه
House Lock and Structural Unemployment
A recent decline in geographic mobility in the United States may have been caused in part by falling house prices, through the “lock in” effects of financial constraints faced by households whose housing debt exceeds the market value of their home. I analyze the relationship between such “house lock” and the elevated levels and persistence of unemployment during the recent recession and its aft...
متن کاملFEDERAL RESERVE BANK OF SAN FRANCISCO WORKING PAPER SERIES House Lock and Structural Unemployment
The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco or the Board of Governors of the Federal Reserve System. ABSTRACT A recent decline in internal migration in the United States may have been caused in part by falling house prices, through the " lock in " effects of financial cons...
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In this paper we analyze urban spatial segregation phenomenon in terms of the income distribution over a population, and inflationary parameter weighting the evolution of housing prices. For this, we develop a discrete, spatially extended model based in a multi–agent approach. In our model, the mobility of socioeconomic agents is driven only by the housing prices. Agents exchange location in or...
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تاریخ انتشار 1998