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Title: Rising house prices in an open labour market
Author: Duffy, David
Fitz Gerald, John D.
Kearney, Ide
Keywords: Housing market
Labour market
House prices
Issue Date: 2005
Publisher: Economic & Social Research Institute
Citation: Duffy, David; Fitz Gerald, John D.; Kearney, Ide. 'Rising house prices in an open labour market'. - Economic & Social Review, Vol. 36, No. 3, Winter, 2005, pp. 251-272, Dublin: Economic & Social Research Institute
Abstract: We explore the consequences of rising house prices for the openness of the Irish labour market. Since many immigrants are in the household formation age group, and tend to be highly skilled, we argue that the boom in house prices, by reducing the attractiveness of Ireland for potential immigrants, could reduce labour supply. Using a structural model of the labour market we endogenise the determination of house prices. Our results suggest that rising house prices, by discouraging potential migrants, could significantly reduce the growth potential of the economy, shifting the balance of labour market growth from employment to wages, with a consequent deterioration in competitiveness.
ISSN: 00129984
Appears in Collections:Economic and Social Review Archive: Complete Collection 1969-
The Economic and Social Review, Vol. 36, No. 3, Winter, 2005

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