Housing supply and housing bubbles:
"Like many other assets, housing prices are quite volatile relative to observable changes in fundamentals. If we are going to understand boom-bust housing cycles, we must incorporate housing supply. In this paper, we present a simple model of housing bubbles that predicts that places with more...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2008
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
14193 |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | "Like many other assets, housing prices are quite volatile relative to observable changes in fundamentals. If we are going to understand boom-bust housing cycles, we must incorporate housing supply. In this paper, we present a simple model of housing bubbles that predicts that places with more elastic housing supply have fewer and shorter bubbles, with smaller price increases. However, the welfare consequences of bubbles may actually be higher in more elastic places because those places will overbuild more in response to a bubble. The data show that the price run-ups of the 1980s were almost exclusively experienced in cities where housing supply is more inelastic. More elastic places had slightly larger increases in building during that period. Over the past five years, a modest number of more elastic places also experienced large price booms, but as the model suggests, these booms seem to have been quite short. Prices are already moving back towards construction costs in those areas"--National Bureau of Economic Research web site |
| Beschreibung: | 58 S. graph. Darst. 22 cm |
Internformat
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| 100 | 1 | |a Glaeser, Edward L. |d 1967- |e Verfasser |0 (DE-588)124526373 |4 aut | |
| 245 | 1 | 0 | |a Housing supply and housing bubbles |c Edward L. Glaeser ; Joseph Gyourko ; Albert Saiz |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2008 | |
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 14193 | |
| 520 | 8 | |a "Like many other assets, housing prices are quite volatile relative to observable changes in fundamentals. If we are going to understand boom-bust housing cycles, we must incorporate housing supply. In this paper, we present a simple model of housing bubbles that predicts that places with more elastic housing supply have fewer and shorter bubbles, with smaller price increases. However, the welfare consequences of bubbles may actually be higher in more elastic places because those places will overbuild more in response to a bubble. The data show that the price run-ups of the 1980s were almost exclusively experienced in cities where housing supply is more inelastic. More elastic places had slightly larger increases in building during that period. Over the past five years, a modest number of more elastic places also experienced large price booms, but as the model suggests, these booms seem to have been quite short. Prices are already moving back towards construction costs in those areas"--National Bureau of Economic Research web site | |
| 700 | 1 | |a Gyourko, Joseph E. |d 1956- |e Verfasser |0 (DE-588)128974338 |4 aut | |
| 700 | 1 | |a Saiz, Albert |e Verfasser |0 (DE-588)128969822 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 810 | 2 | |a National Bureau of Economic Research <Cambridge, Mass.> |t NBER working paper series |v 14193 |w (DE-604)BV002801238 |9 14193 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w14193.pdf |z kostenfrei |3 Volltext |
Datensatz im Suchindex
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| id | DE-604.BV023594069 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:33Z |
| indexdate | 2024-07-20T03:20:55Z |
| institution | BVB |
| language | English |
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| physical | 58 S. graph. Darst. 22 cm |
| publishDate | 2008 |
| publishDateSearch | 2008 |
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| publisher | National Bureau of Economic Research |
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| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Glaeser, Edward L. 1967- Verfasser (DE-588)124526373 aut Housing supply and housing bubbles Edward L. Glaeser ; Joseph Gyourko ; Albert Saiz Cambridge, Mass. National Bureau of Economic Research 2008 58 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 14193 "Like many other assets, housing prices are quite volatile relative to observable changes in fundamentals. If we are going to understand boom-bust housing cycles, we must incorporate housing supply. In this paper, we present a simple model of housing bubbles that predicts that places with more elastic housing supply have fewer and shorter bubbles, with smaller price increases. However, the welfare consequences of bubbles may actually be higher in more elastic places because those places will overbuild more in response to a bubble. The data show that the price run-ups of the 1980s were almost exclusively experienced in cities where housing supply is more inelastic. More elastic places had slightly larger increases in building during that period. Over the past five years, a modest number of more elastic places also experienced large price booms, but as the model suggests, these booms seem to have been quite short. Prices are already moving back towards construction costs in those areas"--National Bureau of Economic Research web site Gyourko, Joseph E. 1956- Verfasser (DE-588)128974338 aut Saiz, Albert Verfasser (DE-588)128969822 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 14193 (DE-604)BV002801238 14193 http://papers.nber.org/papers/w14193.pdf kostenfrei Volltext |
| spellingShingle | Glaeser, Edward L. 1967- Gyourko, Joseph E. 1956- Saiz, Albert Housing supply and housing bubbles |
| title | Housing supply and housing bubbles |
| title_auth | Housing supply and housing bubbles |
| title_exact_search | Housing supply and housing bubbles |
| title_exact_search_txtP | Housing supply and housing bubbles |
| title_full | Housing supply and housing bubbles Edward L. Glaeser ; Joseph Gyourko ; Albert Saiz |
| title_fullStr | Housing supply and housing bubbles Edward L. Glaeser ; Joseph Gyourko ; Albert Saiz |
| title_full_unstemmed | Housing supply and housing bubbles Edward L. Glaeser ; Joseph Gyourko ; Albert Saiz |
| title_short | Housing supply and housing bubbles |
| title_sort | housing supply and housing bubbles |
| url | http://papers.nber.org/papers/w14193.pdf |
| volume_link | (DE-604)BV002801238 |
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