{"id":{"repo_id":"mit","oai_identifier":"oai:dspace.mit.edu:1721.1/118008"},"canonical_url":"https://search.dev.ndltd.org/etd/mit/oai:dspace.mit.edu:1721.1/118008","repository":{"repo_id":"mit","name":"MIT","base_url":"https://dspace.mit.edu/oai/request"},"display":{"title":"Housing demand, regional house prices and consumption","abstract":"This paper provides a new explanation for regional variation in the 2000-2012 housing and consumption boom and bust. Cities with a greater share of growing industries experienced larger housing demand shocks, larger house price increases from 2001-2006 and greater price declines from 2006-2011. Consistent with theory, price effects were stronger in housing-supply inelastic cities. City-level differences in housing demand are also correlated with supply elasticity. Controlling for industry, I estimate a durables consumption-house price elasticity of 0.08 from 2001-2006, 60% smaller than estimates without the controls. Post- 2006, the estimated elasticity is 0.19 and housing prices rather than local conditions explain consumption changes.","abstract_html":"This paper provides a new explanation for regional variation in the 2000-2012 housing and consumption boom and bust. Cities with a greater share of growing industries experienced larger housing demand shocks, larger house price increases from 2001-2006 and greater price declines from 2006-2011. Consistent with theory, price effects were stronger in housing-supply inelastic cities. City-level differences in housing demand are also correlated with supply elasticity. Controlling for industry, I estimate a durables consumption-house price elasticity of 0.08 from 2001-2006, 60% smaller than estimates without the controls. 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City-level differences in housing demand are also correlated with supply elasticity. Controlling for industry, I estimate a durables consumption-house price elasticity of 0.08 from 2001-2006, 60% smaller than estimates without the controls. Post- 2006, the estimated elasticity is 0.19 and housing prices rather than local conditions explain consumption changes."],"dc:description.degree":["S.M. in Management Science Research"],"dc:identifier.uri":["http://hdl.handle.net/1721.1/118008"],"dc:language.iso":["eng"],"dc:publisher":["Massachusetts Institute of Technology"],"dc:rights":["MIT theses are protected by copyright. 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