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Unemployment Insurance as a Housing Market Stabilizer

The American economic review, 2018-01, Vol.108 (1), p.49-81 [Peer Reviewed Journal]

Copyright© 2018 by the American Economic Association ;Copyright American Economic Association Jan 2018 ;ISSN: 0002-8282 ;EISSN: 1944-7981 ;DOI: 10.1257/aer.20140989

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  • Title:
    Unemployment Insurance as a Housing Market Stabilizer
  • Author: Hsu, Joanne W. ; Matsa, David A. ; Melzer, Brian T.
  • Subjects: Default ; Economic models ; Foreclosure ; Housing ; Housing market ; Labor market ; Mortgages ; Unemployed people ; Unemployment insurance
  • Is Part Of: The American economic review, 2018-01, Vol.108 (1), p.49-81
  • Description: This paper studies the impact of unemployment insurance (UI) on the housing market. Exploiting heterogeneity in UI generosity across US states and over time, we find that UI helps the unemployed avoid mortgage default. We estimate that UI expansions during the Great Recession prevented more than 1.3 million foreclosures and insulated home values from labor market shocks. The results suggest that policies that make mortgages more affordable can reduce foreclosures even when borrowers are severely underwater. An optimal UI policy during housing downturns would weigh, among other benefits and costs, the deadweight losses avoided from preventing mortgage defaults.
  • Publisher: Nashville: American Economic Association
  • Language: English
  • Identifier: ISSN: 0002-8282
    EISSN: 1944-7981
    DOI: 10.1257/aer.20140989
  • Source: ProQuest Central
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