House Prices, Migration, and Regional Labor Markets

A four-equation model of the labor market is derived which has as endogenous variables the following: wage inflation, unemployment rate, net migration, and house price inflation. The model is confronted by data from the Southeast region of the UK, and its performance is assessed. The role of house p...

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Published in:Journal of housing economics 1994, Vol.3 (4), p.312-329
Main Authors: Johnes, Geraint, Hyclak, Thomas
Format: Article
Language:English
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container_title Journal of housing economics
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Hyclak, Thomas
description A four-equation model of the labor market is derived which has as endogenous variables the following: wage inflation, unemployment rate, net migration, and house price inflation. The model is confronted by data from the Southeast region of the UK, and its performance is assessed. The role of house prices in balking short run regional adjustment is highlighted, and the existence of hysteresis and persistence effects in the variables of interest is assessed.
doi_str_mv 10.1006/jhec.1994.1016
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title House Prices, Migration, and Regional Labor Markets
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