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作者

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.105,P.54-69

语言

英文

关键字

House prices;Dynamics;Panel data;Spatial heterogeneity;Spatial dependence;Bubbles;C33;R15;R31

作者单位

Department of Built Environment, Aalto University, PL 14100, 00076 Aalto, Finland;School of Economics, University of Turku, Rehtorinpellonkatu 3, 20500 Turku, Finland;School of Urban and Regional Planning and School of Public Administration, Florida Atlantic University, 777 Glades Road, Boca Raton, FL 33431 USA;GFRI and Swiss Finance Institute, University of Geneva, 40 boulevard du Pont-d'Arve, CH-1211 Geneva 4, Switzerland;University of Aberdeen Business School, Aberdeen, Scotland, United Kingdom;Kedge Business School, Bordeaux, France;Department of Built Environment, Aalto University, PL 14100, 00076 Aalto, Finland;School of Economics, University of Turku, Rehtorinpellonkatu 3, 20500 Turku, Finland;School of Urban and Regional Planning and School of Public Administration, Florida Atlantic University, 777 Glades Road, Boca Raton, FL 33431 USA;GFRI and Swiss Finance Institute, University of Geneva, 40 boulevard du Pont-d'Arve, CH-1211 Geneva 4, Switzerland;University of Aberdeen Business School, Aberdeen, Scotland, United Kingdom;Kedge Business School, Bordeaux, France

摘要

Using data for 70 U.S. metropolitan areas, this study explores spatial heterogeneity in house price dynamics. We use recent advances in panel econometrics that allow for spatial heterogeneity, cross-sectional dependence, and non-stationary but cointegrated data. We test for spatial differences and analyze the relationship between the price elasticity of housing supply and the income elasticity of prices, as well as bubble size and duration. The long-term elasticity of house prices with respect to aggregate personal income averages 0.81, but varies considerably across metropolitan areas. The long-term income elasticity generally is greater in the more supply-inelastic metropolitan areas, and we show that bubble size and duration are inversely related to supply elasticity. Also short-term momentum and reversion dynamics show substantial spatial heterogeneity.