CRR Aging Seminar
Brian Asquith, currently a Sloan Foundation postdoc at the National Bureau of Economic Research on the Economics of an Aging Workforce, will be presenting his work in progress, "A Homeownership Dilemma? Mobility After Job Loss in an Aging Workforce." Brian is an urban and labor economist who has done work in a variety of areas, including homeownership, rent control, trade competition, and social networks.
Why is interstate and intercounty mobility for older workers continuing to fall when their homeownership rates have fallen, their labor force attachment has held steady, and their job changing and displacements have risen? Policymakers wanting to encourage people to work longer should be concerned about mobility trends because they are a strong indicator of the quality of job matches, and further may be a sign that there are housing market imperfections that are disproportionately leaving older workers in place. I synthesize the Charles, Hurst, and Notowidigdo (2018) joint housing and labor demand framework with the growing body on the negative labor market shocks from Chinese import competition (Autor et al., 2013), to investigate which areas workers were at risk from experiencing joint income and housing wealth shocks. I then use Census 1990 data to estimate the incidence of these losses among older workers. I also use IRS migration data to show that areas experiencing both income and housing wealth shocks experienced less outmigration than those just experiencing income shocks, above and beyond effects due to population aging. Findings are expected to broadly show that older workers have borne the brunt of housing wealth losses from these shocks, and the paper concludes with a discussion grounded in the literature on implications for older worker's labor force attachment and retirement behavior.
Wednesday, May 16 at 2:00pm to 3:00pm
Hovey House, Library
258 Hammond Street, Chestnut Hill, MA 02467, USA