Add to ORKGWe set up and solve a spatial, dynamic equilibrium model of the housing market based on two main assumptions: households with heterogenous abilities flow in and out metropolitan areas in response to local wage shocks, and the housing supply cannot adjust instantly because of regulatory constraints. In our equilibrium, house prices compensate for cross-sectional productivity differences. We increase productivity dispersion in the calibrated model in order to match the 30-year increase in cross-sectional wage dispersion that we document based on metropolitan-level data. We show that the model quantitatively matches the observed 30-year increase in dispersion of house prices across US metropolitan areas. It is consistent with several other fea...
This paper is a quantitatively-oriented theoretical study into the interaction between housing price...
This paper uses recently developed methods for estimating dynamic heterogeneous cointegrated panel d...
Most believe that elimination of the mortgage interest deduction will, at least in the short run, de...
We set up and solve a spatial, dynamic equilibrium model of the housing market based on two main ass...
JEL No. E24,R12,R13 We investigate the 30 year increase in the level and dispersion of house prices ...
We investigate the 30 year increase in the level and dispersion of house prices across U.S. metropol...
In this paper we model the dynamic adjustment of real house prices using data at the level of US Sta...
Housing price dynamics is an important topic in urban economics. Housing plays a crucial role in hou...
For helpful comments, we thank Dan McMillen and other participants at the 2017 FSU-UF Critical Issue...
We explore long-term patterns of the house price-income relationship across the 70 largest U.S. me...
For helpful comments, we thank the editor Jeff Zabel and two anonymous reviewers, as well as Christi...
We use a user-cost model to study how dispersed information among housing market participants a¤ects...
Does a "one model fits all" approach apply to the econometric modeling of regional house price deter...
Rising within-country differences in house values are much debated trend in the U.S. and internation...
Rising within-country differences in house values are a much debated trend in the U.S. and internati...
This paper is a quantitatively-oriented theoretical study into the interaction between housing price...
This paper uses recently developed methods for estimating dynamic heterogeneous cointegrated panel d...
Most believe that elimination of the mortgage interest deduction will, at least in the short run, de...
We set up and solve a spatial, dynamic equilibrium model of the housing market based on two main ass...
JEL No. E24,R12,R13 We investigate the 30 year increase in the level and dispersion of house prices ...
We investigate the 30 year increase in the level and dispersion of house prices across U.S. metropol...
In this paper we model the dynamic adjustment of real house prices using data at the level of US Sta...
Housing price dynamics is an important topic in urban economics. Housing plays a crucial role in hou...
For helpful comments, we thank Dan McMillen and other participants at the 2017 FSU-UF Critical Issue...
We explore long-term patterns of the house price-income relationship across the 70 largest U.S. me...
For helpful comments, we thank the editor Jeff Zabel and two anonymous reviewers, as well as Christi...
We use a user-cost model to study how dispersed information among housing market participants a¤ects...
Does a "one model fits all" approach apply to the econometric modeling of regional house price deter...
Rising within-country differences in house values are much debated trend in the U.S. and internation...
Rising within-country differences in house values are a much debated trend in the U.S. and internati...
This paper is a quantitatively-oriented theoretical study into the interaction between housing price...
This paper uses recently developed methods for estimating dynamic heterogeneous cointegrated panel d...
Most believe that elimination of the mortgage interest deduction will, at least in the short run, de...