Voting with Your Mortgage: The Value of Democratic Governance (with Lu Han, and John Hatfield)
* 주관: 서울대학교 경제학부, 경제연구소 한국경제혁신센터, SSK, BK21
* 본 세미나는 BK21+(2023-1학기) 세미나 참석으로 인정됩니다.
- 세미나 참석인정을 원하는 학생은 세미나 종료 후 참석자 명단을 작성해주시기 바랍니다.
Abstract: We investigate the effect of state electoral outcomes on resident welfare by measuring the impact of state elections on housing values. We find that divided state government lowers housing values relative to unified Democratic or Republican state government by approximately 4%; accordingly, states with divided state government have lower employment and per capita income. We also find that areas with a high proportion of Republican voters see increases in housing values under unified Republican administrations; in particular, areas with a high proportion of white working class voters—voters who have increasingly supported Republicans over the last few decades—see significant increases in housing values under unified Republican state government as opposed to either unified Democratic or divided state government.