Using a new dataset of all Swedish housing transactions over the 2009-2017 period, we find that manufacturing's share of employment is positively associated with house price growth volatility and negatively associated with risk-adjusted capital gains. Both effects appear to be related to manufacturing's impact on firm concentration and employment volatility. Moreover, they imply that the manufacturing decline since 1970 could account for a 35% reduction in house price volatility.

中文翻译：

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制造业下滑和房价波动

使用 2009-2017 年期间所有瑞典住房交易的新数据集，我们发现制造业的就业份额与房价增长波动呈正相关，与风险调整后的资本收益呈负相关。这两种影响似乎都与制造业对企业集中度和就业波动的影响有关。此外，他们暗示自 1970 年以来的制造业下滑可能导致房价波动减少 35%。