Clustered housing cycles
Using a panel of U.S. city-level building permits data, we estimate a Markov-switching model of housing cycles that allows cities to systematically deviate from the national housing cycle. These deviations occur for clusters of cities that experience simultaneous housing contractions. We find that c...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Published: |
Elsevier
2017
|
| Subjects: | |
| Online Access: | https://eprints.nottingham.ac.uk/43653/ |
| _version_ | 1848796736669089792 |
|---|---|
| author | Hernandez-Murillo, Ruben Owyang, Michael T. Rubio, Margarita |
| author_facet | Hernandez-Murillo, Ruben Owyang, Michael T. Rubio, Margarita |
| author_sort | Hernandez-Murillo, Ruben |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | Using a panel of U.S. city-level building permits data, we estimate a Markov-switching model of housing cycles that allows cities to systematically deviate from the national housing cycle. These deviations occur for clusters of cities that experience simultaneous housing contractions. We find that cities do not form housing regions in the traditional geographic sense. Instead, similarities in factors affecting the demand for housing (such as population growth or availability of credit) appear to be more important determinants of cyclical co-movements than similarities in factors affecting the supply for land (such as the availability of developable land or the elasticity of land supply). |
| first_indexed | 2025-11-14T19:52:43Z |
| format | Article |
| id | nottingham-43653 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| last_indexed | 2025-11-14T19:52:43Z |
| publishDate | 2017 |
| publisher | Elsevier |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-436532020-05-04T19:55:47Z https://eprints.nottingham.ac.uk/43653/ Clustered housing cycles Hernandez-Murillo, Ruben Owyang, Michael T. Rubio, Margarita Using a panel of U.S. city-level building permits data, we estimate a Markov-switching model of housing cycles that allows cities to systematically deviate from the national housing cycle. These deviations occur for clusters of cities that experience simultaneous housing contractions. We find that cities do not form housing regions in the traditional geographic sense. Instead, similarities in factors affecting the demand for housing (such as population growth or availability of credit) appear to be more important determinants of cyclical co-movements than similarities in factors affecting the supply for land (such as the availability of developable land or the elasticity of land supply). Elsevier 2017-09 Article PeerReviewed Hernandez-Murillo, Ruben, Owyang, Michael T. and Rubio, Margarita (2017) Clustered housing cycles. Regional Science and Urban Economics, 66 . pp. 185-197. ISSN 0166-0462 Clustered Markov switching business cycles building permits co-movements http://www.sciencedirect.com/science/article/pii/S0166046217302272 doi:10.1016/j.regsciurbeco.2017.06.003 doi:10.1016/j.regsciurbeco.2017.06.003 |
| spellingShingle | Clustered Markov switching business cycles building permits co-movements Hernandez-Murillo, Ruben Owyang, Michael T. Rubio, Margarita Clustered housing cycles |
| title | Clustered housing cycles |
| title_full | Clustered housing cycles |
| title_fullStr | Clustered housing cycles |
| title_full_unstemmed | Clustered housing cycles |
| title_short | Clustered housing cycles |
| title_sort | clustered housing cycles |
| topic | Clustered Markov switching business cycles building permits co-movements |
| url | https://eprints.nottingham.ac.uk/43653/ https://eprints.nottingham.ac.uk/43653/ https://eprints.nottingham.ac.uk/43653/ |