"Who Moves and Who Benefits? The Value of Migration Across Households. " [JMP]
"Why Do Educated Workers Move to Expensive Cities? A Dual Labor Market Perspective." (with Kisan Choi)
LTV Regulation, Labor Sorting, and Aggregate Output (with Kisan Choi)
We study how LTV regulation affects aggregate outcomes through heterogeneous household responses. We find that tighter regulation induces low-wealth renters to save and work more for future home purchases, lowering the equilibrium interest rate. The lower interest rate causes asset-rich, high-skill households to work less, reallocating labor toward less productive households and reducing aggregate effective labor supply and output.
Housing Price Shocks and Wealth Inequality: The Role of Entrepreneurship (with Kisan Choi and Jinseok Park)
We study how housing-price shocks affect wealth inequality and aggregate output through entrepreneurship. We find that a positive shock draws more productive homeowners into entrepreneurship while pushing renters out, increasing wealth inequality but raising output. A negative shock reverses this sorting, reducing wealth inequality by facilitating renter entry but lowering output as homeowners exit.