Replication data for: Search, Liquidity, and the Dynamics of House Prices and Construction

Principal Investigator(s):  View help for Principal Investigator(s) Allen Head; Huw Lloyd-Ellis; Hongfei Sun

Version:  View help for Version V1

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LICENSE.txt text/plain 14.6 KB 10/11/2019 06:01:PM

Project Citation: 

Head, Allen, Lloyd-Ellis, Huw, and Sun, Hongfei. Replication data for: Search, Liquidity, and the Dynamics of House Prices and Construction. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112754V1

Project Description

Summary:  View help for Summary The dynamics of house prices, sales, construction, and population growth in response to city-specific income shocks are characterized for 106 US cities. A dynamic model of search in the housing market in which construction, the entry of buyers, house prices, and sales are determined in equilibrium is then developed. The theory generates dynamics qualitatively consistent with the observations and a version calibrated to match key features of the US housing market offers a substantial quantitative improvement over models without search. In particular, variation in the time it takes to sell induces transaction prices to exhibit serially correlated growth.

Scope of Project

Subject Terms:  View help for Subject Terms construction; House prices; liquidity; dynamic panel
JEL Classification:  View help for JEL Classification
      D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
      R21 Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
      R23 Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics
      R31 Housing Supply and Markets
Geographic Coverage:  View help for Geographic Coverage United States
Time Period(s):  View help for Time Period(s) 1/1/1980 – 12/31/2008
Universe:  View help for Universe 106 large Metropolitan Statistical Areas in the United States
Data Type(s):  View help for Data Type(s) program source code; aggregate data

Methodology

Data Source:  View help for Data Source Multiple. See Appendix A in paper.
Unit(s) of Observation:  View help for Unit(s) of Observation Metropolitan Statistical Areas,

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