Changing Supply Elasticities and Regional Housing Booms
نویسندگان
چکیده
Developments in U.S. house prices over the past decade mirror those of 1996–2006 boom. Construction activity has, however, been weak. Using data for 254 metropolitan areas, we show that housing supply elasticities have fallen markedly recent years. We find declined more areas which land-use regulation has tightened most, and experienced sharpest busts. Consistent with declining elasticities, monetary policy shocks had a stronger effect on during than previous At same time, building permits respond less.
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ژورنال
عنوان ژورنال: Journal of Money, Credit and Banking
سال: 2023
ISSN: ['1538-4616', '0022-2879']
DOI: https://doi.org/10.1111/jmcb.13009