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How much has house lock affected labor mobility and the unemployment rate?


Abstract: This article explores new evidence from the U.S. Census Bureau?s Survey of Income and Program Participation (SIPP) on the extent to which ?house lock?--the reluctance of households to sell their homes in a declining house price environment--has contributed to the elevated unemployment rate since 2008.

Keywords: Labor policy; Unemployment;

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Provider: Federal Reserve Bank of Chicago

Part of Series: Chicago Fed Letter

Issue: Sep

Order Number: 290