Appendix Table 2.

Probability of Likely Psychological Problem, based on SDQ Scale – Heterogeneous Effects by Race/Ethnicity and Parental Employment Status

	Panel A. State-level Unemployment
	(1)	(2)	(3)	(4)
	White	Non-white	Both Parents Working	At least 1 Unemployed Parent
Marginal Effect	0.004**	0.003**	0.001	0.006
(SE)	(0.002)	(0.001)	(0.001)	(0.004)
Mean, Dep. Var.	0.042	0.039	0.027	0.055
Relative Effect of 1-SD Fall in Unemployment	−13.3%	−11.6%	−5.6%	−16.5%
	Panel B. State-level HPI
	(1)	(2)	(3)	(4)
	White	Non-white	Both Parents Working	At least 1 Unemployed Parent
Marginal Effect	−0.014*	−0.014	−0.006	−0.012
(SE)	(0.007)	(0.010)	(0.008)	(0.027)
Mean, Dep. Var.	0.042	0.039	0.027	0.055
Relative Effect of 1-SD Rise in Housing Prices	−6.3%	−6.8%	−4.2%	−4.1%
Sample size	46,990	47,219	39,300	6,335

Note: Results are from probit models with robust standard errors clustered on the state. SDQ is the Strengths and Difficulties Questionnaire scale. Covariates include age, sex, race/ethnicity, parental education, parental age, and parental marital status. Models include a full set of state fixed effects and time fixed effects.

^*p-value <.10

^**p-value<.05

^***p-value<.01.