Replication data for: Unemployment Insurance as a Housing Market Stabilizer

Principal Investigator(s):  View help for Principal Investigator(s) Joanne W. Hsu; David A. Matsa; Brian T. Melzer

Version:  View help for Version V1

Name File Type Size Last Modified
LICENSE.txt text/plain 14.6 KB 12/06/2019 12:15:PM
UI_hpi_analysis.dta application/octet-stream 190.2 KB 12/06/2019 12:15:PM
readme.pdf application/pdf 49.2 KB 12/06/2019 12:15:PM
ui_econ_analysis.do text/plain 4.8 KB 12/06/2019 12:15:PM
ui_econ_analysis.dta application/octet-stream 105.8 KB 12/06/2019 12:15:PM
ui_hpi_analysis.do text/plain 2.2 KB 12/06/2019 12:15:PM
ui_nlsy_analysis.do text/plain 7.1 KB 12/06/2019 12:15:PM
ui_nlsy_analysis.dta application/octet-stream 1014.7 KB 12/06/2019 12:15:PM
ui_nlsy_state_variables.dta application/octet-stream 52 KB 12/06/2019 12:15:PM
ui_sipp_analysis.do text/plain 18.1 KB 12/06/2019 12:15:PM

Project Citation: 

Hsu, Joanne W., Matsa, David A., and Melzer, Brian T. Replication data for: Unemployment Insurance as a Housing Market Stabilizer. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-06. https://doi.org/10.3886/E116160V1

Project Description

Summary:  View help for Summary 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.

Scope of Project

JEL Classification:  View help for JEL Classification
      D14 Household Saving; Personal Finance
      E32 Business Fluctuations; Cycles
      G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
      J65 Unemployment Insurance; Severance Pay; Plant Closings
      R31 Housing Supply and Markets


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V1 [2019-12-06]

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