haku: @author Somerville, T. / yhteensä: 1
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| Tekijä: | Mayer, C. Somerville, T. |
| Otsikko: | Residential construction: using the urban growth model to estimate housing supply |
| Lehti: | Journal of Urban Economics
2000 : JUL, VOL. 48:1, p. 85-109 |
| Asiasana: | ECONOMICS HOUSING MODELS |
| Kieli: | eng |
| Tiivistelmä: | This article presents an empirical model of housing supply derived from urban growth theory. This approach describes new housing construction as a function of changes in house prices and costs rather than as a function of the levels of those variables, which previous studies have used. Empirical tests support this specification over the leading alternative models. The authors' estimates show that a 10% rise in real prices leads to an 0.8% increase in the housing stock, which is accomplished by a temporary 60% increase in the annual number of starts, spread over four quarters. |
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