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Magnification of the 'China Shock' Through the U.S. Housing Market

出版	SSRN, 2022
URL	http://books.google.com.hk/books?id=-OzbzwEACAAJ&hl=&source=gbs_api

註釋The 'China shock' operated in part through the housing market, which is one reason why its impact was so large on U.S. labor market. We add housing to a multi-region monopolistic competition model, with individuals choosing whether and where to work. Controlling for housing reduces the negative coefficient of import exposure on manufacturing employment by 20-25%, with a significant indirect magnification through the housing market. Combining manufacturing and construction employment, the indirect effect of the China shock through the housing market explains one-fifth as much of the variance in employment as the direct effect of import exposure, with further employment impacts through independent fluctuations in the housing market.