TY - JOUR
T1 - House Price Shocks, Windfall Gains and Hours of Work: British Evidence
AU - Henley, Andrew
PY - 2004/9/1
Y1 - 2004/9/1
N2 - Do workers adjust hours of work in response to capital gains and losses? This paper investigates this question using British panel data on individual employees from 1992 to 2001. It investigates hours of work adjustments to two sources of capital gain: financial windfalls and real housing wealth gains. Significant reductions in hours are found for both men and women in response, in particular, to housing gains. Men appear to increase hours in response to real housing losses, whereas women reduce hours in response to real housing gains. Evidence on hours of work preferences suggests that observed adjustments are only partial responses.
AB - Do workers adjust hours of work in response to capital gains and losses? This paper investigates this question using British panel data on individual employees from 1992 to 2001. It investigates hours of work adjustments to two sources of capital gain: financial windfalls and real housing wealth gains. Significant reductions in hours are found for both men and women in response, in particular, to housing gains. Men appear to increase hours in response to real housing losses, whereas women reduce hours in response to real housing gains. Evidence on hours of work preferences suggests that observed adjustments are only partial responses.
UR - http://hdl.handle.net/2160/9196
U2 - 10.1111/j.1468-0084.2004.00088.x
DO - 10.1111/j.1468-0084.2004.00088.x
M3 - Article
SN - 0305-9049
VL - 66
SP - 439
EP - 456
JO - Oxford Bulletin of Economics and Statistics
JF - Oxford Bulletin of Economics and Statistics
IS - 4
ER -