Changing Supply Elasticities and Regional Housing Booms
研究美国254个大都市区数据发现，近年住房供给弹性显著下降，在土地管制收紧和经历住房市场崩盘的地区下降更明显，导致货币政策冲击对房价影响增强，但对建筑许可影响减弱。
Abstract Developments in U.S. house prices over the past decade mirror those of the 1996–2006 boom. Construction activity has, however, been weak. Using data for 254 U.S. metropolitan areas, we show that housing supply elasticities have fallen markedly in recent years. We find that housing supply elasticities have declined more in areas in which land‐use regulation has tightened the most, and in areas that experienced the sharpest housing busts. Consistent with the declining housing supply elasticities, we find that monetary policy shocks have had a stronger effect on house prices during the past decade than during the previous boom. At the same time, building permits respond less.