Abstract: In this paper we document the behavior of emancipation over one of the biggest boom-bust cycles experienced by the Spanish economy. In principle, the economic difficulties faced by the Spanish youth during the last recession would have hampered a normal emancipation pace. However, we find that the proportion living away from parents among those aged 18-40 has not decreased but increased from 44% during the boom (2005-2008) to 46% during the bust (2009-2013). A simple decomposition reveals that this is mainly driven by the substantial rise in the emancipation rate among the full-time employed workers during the bust. To explain this change we discuss several factors such as macroeconomic conditions, rental subsidy policy, higher labor mobility, selection bias, reverse causation, timelag in adjustment and secular trend

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