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I wasn't able to find an explanation for the conclusion. So older home owners didnt return to the workforce because their home increased in value and they coul

I wasn't able to find an explanation for the conclusion. So older home owners didnt return to the workforce because their home increased in value and they could retire early. How? Did they sell their home? If so where did they move to? Did they refinance their home and take out a chunk of equity? In either case, it seems to me like they still need to work.

BMc2020 4y ago
That's a good point, they seem unusualy confident in their assertion: We show that the Great Resignation among older workers can be fully explained by increases in housing wealth. MSAs with stronger house price growth tend to have lower participation rates, but only for home owners around retirement age -- a 65 year old home owner's unconditional participation rate of 44.8% falls to 43.9% if he experiences a 10% excess house price growth. A counterfactual shows that if housing returns in 2021 would have been equal to 2019 returns, there would have been no decline in the labor force participation of older Americans.
- m348e912 4y ago
  Yes, I grade this paper, a D-. More information needed.