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作者

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; HETEROGENEOUS PANELS; SUPPLY ELASTICITY; MARKET DYNAMICS; CITIES; DETERMINANTS; CONSTRAINTS; EFFICIENCY; BUBBLES; DEMAND; GROWTH

作者单位

[Oikarinen, Elias] Aalto Univ, Dept Built Environm, PL 14100, Aalto 00076, Finland. [Oikarinen, Elias; Engblom, Janne] Univ Turku, Sch Econ, Rehtorinpellonkatu 3, SF-20500 Turku, Finland. [Bourassa, Steven C.] Florida Atlantic Univ, Sch Urban & Reg Planning, 777 Glades Rd, Boca Raton, FL 33431 USA. [Bourassa, Steven C.] Florida Atlantic Univ, Sch Publ Adm, 777 Glades Rd, Boca Raton, FL 33431 USA. [Hoesli, Martin] Univ Geneva, GFRI, 40 Blvd Pont dArve, CH-1211 Geneva 4, Switzerland. [Hoesli, Martin] Univ Geneva, Swiss Finance Inst, 40 Blvd Pont dArve, CH-1211 Geneva 4, Switzerland. [Hoesli, Martin] Univ Aberdeen, Business Sch, Aberdeen, Scotland. [Hoesli, Martin] Kedge Business Sch, Bordeaux, France. Oikarinen, E (reprint author), Aalto Univ, Dept Built Environm, PL 14100, Aalto 00076, Finland.; Oikarinen, E (reprint author), Univ Turku, Sch Econ, Rehtorinpellonkatu 3, SF-20500 Turku, Finland. E-Mail: elias.oikarinen@utu.fi; sbourassa@fau.edu; martin.hoesli@unige.ch; janne.engblom@utu.fi

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.