TY  - RPRT
        AU  - Beugnot, Julie
AU  - Lacroix, Guy
AU  - Charlot, Olivier
        TI  - Homeownership and Labour Market Outcomes: Micro versus Macro Performances
        PY  - 2014/Oct/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 8599
        UR  - https://www.iza.org/index.php/publications/dp8599
        AB  - In this paper we investigate Oswald's hypothesis according to which higher homeownership rates increase aggregate unemployment rates. To this end, we develop a matching model à la Pissarides (2000) in which homeowners are assumed to be less mobile than tenants. Based on numerical simulations, we analyze both macroeconomic and microeconomic labour market outcomes following an (exogenous) increase in homeownership rates. We show that (1) Oswald's hypothesis does not always hold as it depends crucially on the importance of mobility costs; (2) while higher homeownership may harm macroeconomic labour market performances, individual performances always improve following an increase in homeownership rates.
        KW  - homeownership
KW  - Oswald's hypothesis
KW  - stochastic job matching
KW  - unemployment
KW  - mobility
        ER  -