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The cycle of wage inequality in Spain: The impact of the boom and bust in the housing market

Bonhomme, Stéphane , Hospido, Laura, (2017), “The cycle of wage inequality in Spain: The impact of the boom and bust in the housing market”, VoxEU, 4 Σεπτεμβρίου

The link between the rise in unemployment and the housing market in the US during the Great Recession is well documented. This column shows that in the case of Spain, the rise and fall in demand for construction workers following developments within the housing market had a big impact earnings inequality as well as employment. While there has been no apparent trend in the recent evolution of earnings inequality in Spain, countercyclical fluctuations have been substantial, with the construction sector playing a key role in this.

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