Heterogeneity in Neighborhood-Level Price Growth in the United States, 1993–2009
研究了1993-2009年美国住房交易数据，发现社区层面在繁荣开始时间、初始涨幅、持续时长和率先繁荣的社区类型上存在很大异质性，但萧条开始时间和总体涨幅的异质性较小，表明繁荣没有单一主导原因。
Examination of detailed geographical information on U.S. housing transactions from 1993 to 2009 find much heterogeneity at the neighborhood level in when the recent boom began, how big the initial jumps in price growth were, how long the booms lasted, and what types of neighborhoods boomed first. There is less neighborhood-level heterogeneity in when the bust began and in aggregate price appreciation during the boom. This heterogeneity suggests that there was no one dominant cause of the boom. We also comment on how very local data may help understand the role of contagion, among other housing market phenomena.