欧洲央行：劳动力市场变化对家庭抵押贷款的异质性影响（英文版）

This paper examines how structural change in labor markets affects householdcredit outcomes. Using a Shift-Share instrumental variable approach, we find thatoccupational shifts negatively infuence mortgage holding for houscholds facing fa.vorable job market conditions, such as stable employment and income growth. Ouresults, robust to alternative specifications, suggest that when both individual andeconomy-wide career prospects are favorable, the opportunity costs of settling downgrow accordin