ECONOMIC FUNDAMENTALS IN LOCAL HOUSING MARKETS: EVIDENCE FROM U.S. METROPOLITAN REGIONS
研究了国家和区域经济条件对美国独户住房市场价格、空置率和建设活动的影响，发现区域收入、就业变化以及空置率对市场有重要作用，并分析了成本、监管等因素对供给的影响。
ABSTRACT This paper investigates the effects of national and regional economic conditions on outcomes in the single‐family housing market: housing prices, vacancies, and residential construction activity. Our three‐equation model confirms the importance of changes in regional economic conditions, income, and employment on local housing markets. The results also provide the first detailed evidence on the importance of vacancies in the owner‐occupied housing market on housing prices and supplier activities. The results also document the importance of variations in materials, labor and capital costs, and regulation in affecting new supply. Simulation exercises, using standard impulse response models, document the lags in market responses to exogenous shocks and the variations arising from differences in local parameters. The results also suggest the importance of local regulation in affecting the pattern of market responses to regional income shocks.