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Effects of Macroeconomic Uncertainty and Labor Demand Shocks on the Housing Market

Strobel, Johannes ; Nguyen Thanh, Binh ; Lee, Gabriel



Abstract

This article shows that macroeconomic uncertainty affects the housing market in two significant ways. First, uncertainty shocks adversely affect housing prices but not the quantities that are traded. Controlling for a broad set of variables in fixed-effects regressions, we find that uncertainty shocks reduce both housing prices and median sales prices in the amount of 1.4% and 1.8%, respectively, ...

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