Location, Location, Location: Manufacturing and House Price Growth
利用数千万笔住房交易数据，发现美国制造业密集地区的房价增长较慢，尤其是低价房，且房价下跌与劳动力市场恶化同步，表明收入渠道的作用。区域低价房增长差异是整体房价不平等变化的重要驱动因素。
Abstract Exploiting data on tens of millions of housing transactions, we show that (1) house prices grew by less in manufacturing-heavy US regions, (2) this pattern is especially present for the lowest-value homes and that (3) price declines coincided with worse labour market outcomes, consistent with an income channel. Counterfactual accounting exercises reveal that regional differences in the growth of these lowest-value homes are an important driver of the changes in overall house price inequality. Hence, the economic decline in manufacturing-heavy areas extends far beyond income and employment flows to house prices.