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Author: Engelhardt, Gary V.

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1.	Engelhardt, Gary V.
1.	Housing Markets and Labor Mobility Working Paper, Department of Economics, Dartmouth College and NBER, October 1998 Cohort(s): NLSY79 Publisher: National Bureau of Economic Research (NBER) Keyword(s): Home Ownership; Mobility, Labor Market An important theme in corporate finance and macroeconomics is the effect of collateral constraints on asset price fluctuations. Temporary economic shocks that depress the value of assets used both for productive purposes and collateral can reduce the net worth of firms, reduce the asset demand for constrained firms, and result in lower asset prices, which then further reduces net worth and feeds back into prices. This link between asset prices and collateral has been examined recently by Kiyotaki and Moore (1997), Kashyap Scharfstein, and Weil (1990), and Shleifer and Vishny (1992), among others. Stein (1995) has examined this behavior in housing markets. Because most home purchases are mortgage-financed, housing is a relatively highly-leveraged asset. Large price fluctuations can affect equity and the demand for housing greatly. In particular, an adverse shock to prices decreases equity, results in collateral-constrained households that cannot move, which decreases demand, and results in further price declines that further constrain household mobility. Interestingly, this model is able to explain housing market behavior that cannot be explained by the standard asset-market model of Poterba (1984), e.g., rapid prices swings, the strong positive correlation of prices and trading volume over the housing cycle, and the observed reluctance of prospective sellers to reduce asking prices in down markets.
	Bibliography Citation Engelhardt, Gary V. "Housing Markets and Labor Mobility." Working Paper, Department of Economics, Dartmouth College and NBER, October 1998.

2.	Engelhardt, Gary V.
2.	Income and Wealth in the NLSY79 Presented: Washington DC, NLSY79 Redesign Conference, September 1998 Cohort(s): NLSY79 Publisher: U.S. Department of Labor Keyword(s): Income; Variables, Instrumental; Wealth This reports evaluates the NLSY79 survey instrument's questions on income and wealth.
	Bibliography Citation Engelhardt, Gary V. "Income and Wealth in the NLSY79." Presented: Washington DC, NLSY79 Redesign Conference, September 1998.

3.	Engelhardt, Gary V.
3.	Nominal Loss Aversion, Housing Equity Constraints, and Household Mobility: Evidence from the United States Working Paper No. 42, Center for Policy Research, Syracuse University, August 27, 2001. Also: http://www-cpr.maxwell.syr.edu/faculty/engelhardt/nomloss.pdf Cohort(s): NLSY79 Publisher: Center for Policy Research, Syracuse University Keyword(s): Home Ownership; Household Models; Household Structure; Mobility; Modeling, Hazard/Event History/Survival/Duration Permission to reprint the abstract has not been received from the publisher. This paper exploits the significant recent variation in U.S. house prices to empirically examine the effect on housing equity constraints and nominal loss aversion on household mobility. The analysis uses unique, detailed data from 1985-1996 on household characteristics, mobility, and wealth from the National Longitudinal Survey of Youth (NLSY79) matched with house price data from 149 metropolitan areas to estimate semi-parametric proportional hazard models of intra- and inter-metropolitan mobility. There are five principal findings. First, household intra-metropolitan own-to-own mobility responds differently to nominal housing losses than to gains. Second, nominal loss aversion is significantly less pronounced in intra-metropolitan own-to-rent and inter-metropolitan mobility, respectively. Third, there is some evidence of binding equity constraints in intra-metropolitan own-to-own mobility. Fourth, there is little evidence that low equity constrains intra-metropolitan own-to-rent and inter-metropolitan mobility, respectively. Fifth, a comparison of the estimated effects indicates that nominal loss aversion has a more dominant effect than equity constraints in restricting household mobility: roughly two-and-a-half to three times the impact of equity constraints.
	Bibliography Citation Engelhardt, Gary V. "Nominal Loss Aversion, Housing Equity Constraints, and Household Mobility: Evidence from the United States." Working Paper No. 42, Center for Policy Research, Syracuse University, August 27, 2001.

4.	Engelhardt, Gary V.
4.	Nominal Loss Aversion, Housing Equity Constraints, and Household Mobility: Evidence from the United States Journal of Urban Economics 53,1 (January 2003): 171-195. Also: http://www.sciencedirect.com/science/article/pii/S0094119002005119 Cohort(s): NLSY79 Publisher: Academic Press, Inc. Keyword(s): Home Ownership; Mobility This paper exploits the recent variation in US house prices to examine the effect of equity constraints and nominal loss aversion on household mobility. Detailed data from the 1985-1996 National Longitudinal Survey of Youth (NLSY79) were matched with house price data from 149 metropolitan areas to estimate instrumental variables linear probability and semi-parametric proportional hazard models of intra-metropolitan mobility. Household mobility is significantly influenced by nominal loss aversion. There is little evidence that low equity because of fallen house prices constrains mobility. [Copyright 2003 Elsevier]
	Bibliography Citation Engelhardt, Gary V. "Nominal Loss Aversion, Housing Equity Constraints, and Household Mobility: Evidence from the United States." Journal of Urban Economics 53,1 (January 2003): 171-195.

5.	Gustman, Alan L. Anderson, Patricia M. Engelhardt, Gary V. Samwick, Andrew A.
5.	Wages, Fringe Benefits and Savings: Interactions and Implications for Determination of Labor Market Outcomes Analysis with the National Longitudinal Survey Technical Proposal Response to Bureau of Labor Statistics SGA 940-04 from U.S. Department of Labor, Bureau of Labor Statistics, 1994 Cohort(s): Mature Women, NLSY79, Young Women Publisher: U.S. Department of Labor Keyword(s): Benefits, Fringe; Job Turnover; Labor Market Outcomes; Mobility, Labor Market; Pensions; Retirement/Retirement Planning; Savings; Wage Differentials; Wages; Wealth The project consists of five interrelated studies. The first study is an economic analysis with the Survey of Mature Women, but has a significant methodological component pertaining to the use of employer provided pension plan descriptions. The second study uses these data for the first time in a retirement analysis. Third is a study using the data for Mature Women to analyze labor market risk in the form of wage and employment variation, exploring the implications of such variation for asset accumulation and labor market decisions. The fourth study analyzes the role of health insurance in the labor market, and in particular the effects of health insurance on labor market turnover, among NLSY respondents, among those in the survey of Young Women, and among the Mature Women sample. The fifth focuses on asset formation early in the career, especially in the form of housing wealth, and considering the implications of housing wealth for labor market turnover.
	Bibliography Citation Gustman, Alan L., Patricia M. Anderson, Gary V. Engelhardt and Andrew A. Samwick. "Wages, Fringe Benefits and Savings: Interactions and Implications for Determination of Labor Market Outcomes Analysis with the National Longitudinal Survey." Technical Proposal Response to Bureau of Labor Statistics SGA 940-04 from U.S. Department of Labor, Bureau of Labor Statistics, 1994.

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