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Regional reallocation and housing markets in a model of frictional migration

Nenov, Plamen T.
Journal article, Peer reviewed
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URI
http://hdl.handle.net/11250/2374552
Date
2015
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  • Scientific articles [1334]
Original version
Review of Economic Dynamics, 18(2015)4:863-880   10.1016/j.red.2015.08.002
Abstract
Migration frictions are important for understanding key features of gross migra-

tion and housing markets. This paper studies a multi-region equilibrium model with

frictional migration. Idiosyncratic preference shocks, a mobility cost, and imperfectly

directed migration lead to slow worker reallocation in response to changes in local

conditions. This leads to a dependence of local house prices on the history of labor

market shocks. The model accounts for the comovements of unemployment and rental

and house prices with gross migration observed in a panel of U.S. cities. Structural

estimation reveals a high mobility cost for unemployed workers and a low probability

of directed migration. Both of these imply that regional reallocation has a limited

importance for the aggregate labor market and that the e ects of housing markets on

reallocation are small.
Description
This is the author's accepted and refereed manuscript of the article
Publisher
Elsevier
Journal
Review of Economic Dynamics

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