Superstar Cities
研究了美国过去50年大都市区房价长期差异，发现土地供给不足和高收入家庭增加导致超级明星城市房价高涨，挤出低收入家庭，并指出这种趋势由总需求驱动。
We document large long-run differences in average house price appreciation across metropolitan areas over the past 50 years, and show they can be explained by an inelastic supply of land in some unique locations combined with an increasing number of highincome households nationally. The resulting high house prices and price-to-rent ratios in those “superstar” areas crowd out lower income households. The same forces generate a similar pattern among municipalities within a metropolitan area. These facts suggest that disparate local house price and income trends can be driven by aggregate demand, not just changes in local factors such as productivity or amenities.