Changing supply elasticities and regional housing booms

dc.contributor.author	Aastveit, Knut Are
dc.contributor.author	Albuquerque, Bruno
dc.contributor.author	Anundsen, André
dc.date.accessioned	2019-06-20T15:33:14Z
dc.date.available	2019-06-20T15:33:14Z
dc.date.issued	2019-06-18
dc.identifier.issn	1892-2198
dc.identifier.uri	http://hdl.handle.net/11250/2601599
dc.description.abstract	Recent developments in US house prices mirror those of the 1996-2006 boom, but the recovery in construction activity has been weak. Using data for 254 US metropolitan areas, we show that housing supply elasticities have fallen markedly in recent years. Consistent with this, we ﬁnd that monetary policy shocks have a stronger eﬀect on house prices during the recent recovery than the previous boom. At the same time, building permits respond less. Finally, we ﬁnd that housing supply elasticities have declined more in areas where land-use regulation has tightened the most, and in areas that experienced the sharpest housing busts.	nb_NO
dc.language.iso	eng	nb_NO
dc.publisher	BI Norwegian Business School	nb_NO
dc.relation.ispartofseries	CAMP Working Paper Series;04/2019
dc.subject	House prices	nb_NO
dc.subject	Heterogeneity	nb_NO
dc.subject	Housing supply elasticities	nb_NO
dc.subject	Monetary policy	nb_NO
dc.title	Changing supply elasticities and regional housing booms	nb_NO
dc.type	Working paper	nb_NO
dc.source.pagenumber	53	nb_NO

Centre for Applied Macro- and Petroleum economics (CAMP) [129]
Working Papers from Centre for Applied Macro- and Petroleum economics (CAMP)