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作者

来源

JOURNAL OF URBAN ECONOMICS,Vol.102,P.76-90

语言

英文

关键字

Convergence; Regulation; Land use; Migration; Housing prices; HOUSING PRICES; STRUCTURAL TRANSFORMATION; LABOR-MARKET; GROWTH; IMPACT; DETERMINANTS; CONSTRUCTION; CONSTRAINTS; INEQUALITY; WAGES

作者单位

[Ganong, Peter] Univ Chicago, Harris Sch, 1155 East 60th St, Chicago, IL 60637 USA. [Shoag, Daniel] Harvard Kennedy Sch, 79 John F Kennedy St, Cambridge, MA 02138 USA. Shoag, D (reprint author), Harvard Kennedy Sch, 79 John F Kennedy St, Cambridge, MA 02138 USA. E-Mail: ganong@uchicago.edu; dan_shoag@hks.harvard.edu

摘要

The past thirty years have seen a dramatic decline in the rate of income convergence across states and in population flows to high-income places. These changes coincide with a disproportionate increase in housing prices in high-income places, a divergence in the skill-specific returns to moving to high-income places, and a redirection of low-skill migration away from high-income places. We develop a model in which rising housing prices in high-income areas deter low-skill migration and slow income convergence. Using a new panel measure of housing supply regulations, we demonstrate the importance of this channel in the data. (C) 2017 Published by Elsevier Inc.