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Regional Shocks, Migration and Homeownership

Abstract : This paper estimates a lifecycle model of consumption, housing choice and migration in the presence of aggregate and regional shocks, using the Survey of Income and Program Participation (SIPP). Using the model I estimate the value of the migration option and the welfare impact of policies that may restrict mobility. The option to move is equivalent to 4.4% of lifetime consumption. I also find that, were the mortgage interest-rate deduction to be eliminated, the aggregate migration rate would increase only marginally by 0.1%. Following a general equilibrium correction, house prices are reduced by 5%, which results in a 1% increase in home ownership. In a new steady state the elimination of the deduction is equivalent to an increase of 2.4% of lifecycle consumption.
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https://hal-sciencespo.archives-ouvertes.fr/hal-03459804
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Submitted on : Wednesday, December 1, 2021 - 3:38:37 AM
Last modification on : Friday, March 25, 2022 - 3:32:28 AM

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Florian Oswald. Regional Shocks, Migration and Homeownership. 2015. ⟨hal-03459804⟩

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