Clustered housing cycles

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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...

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Bibliographic Details
Main Authors:	Hernandez-Murillo, Ruben, Owyang, Michael T., Rubio, Margarita
Format:	Article
Published:	Elsevier 2017
Subjects:	Clustered Markov switching business cycles building permits co-movements
Online Access:	https://eprints.nottingham.ac.uk/43653/

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