War, housing rents, and free market: Berlin's rental housing during World War I
利用1909-1917年柏林报纸上的租金数据，构建质量调整后的租金指数，分析一战期间租金先降后升、实际租金减半的变动，指出监管政策源于对供给停滞下租金飙升的担忧而非市场失灵。
New archival evidence on housing rents in Berlin over 1909–1917 is presented. The data are extracted from newspaper announcements and georeferenced. Using hedonic regressions, quality-adjusted rent indices are constructed and employed to analyze the rental dynamics during World War I, when housing market experienced several shocks. The outbreak of the war led to an outflow of men from cities. Toward the end of the war, the construction freeze together with an inflow of workers and discharged soldiers resulted in a housing shortage. The analysis shows a rent decline (particularly for cheap dwellings) during the first half of the war, followed by a moderate increase. In 1917, given a dramatic overall price increase, real rents lost half of their value. Thus, regulatory policy did not emerge as a result of market failure, but rather the fear of rapid rent increases as a consequence of the supply stagnation despite growing housing demand.