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作者

Andreas Mense;Claus Michelsen;Konstantin A. Kholodilin

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.134,P.

语言

英文

关键字

D4;R31;R21;Misallocation;Price controls;Rent control;Spillovers

作者单位

Institute for Employment Research Nürnberg (IAB Nürnberg), Regensburger Str. 104, 90478 Nürnberg, Germany;German Institute for Economic Research (DIW Berlin), Germany, Leuphana University Lueneburg, Germany;London School of Economics, Department of Geography and Environment;Institute for Employment Research Nürnberg (IAB Nürnberg), Regensburger Str. 104, 90478 Nürnberg, Germany;German Institute for Economic Research (DIW Berlin), Germany, Leuphana University Lueneburg, Germany;London School of Economics, Department of Geography and Environment

摘要

This paper studies market segmentation that arises from the introduction of rent control. When a part of the market remains unregulated, theory predicts an increase of free-market rents due to the misallocation of households to dwellings. To document this mechanism empirically, we study a large-scale policy intervention in the German housing market. We isolate the misallocation mechanism by exploiting temporal variation in treatment dates in an event study design. We find a robust positive spillover effect of rent control on free-market rents. Moreover, mobility of renters living in rent-controlled units decreased. [91 words]