Is housing the business cycle? evidence from U.S. cities

We analyze the relationship between housing and the business cycle in a set of 51 U.S. cities. Most surprisingly, we find that declines in house prices are often not followed by declines in employment. We also find that national permits are a better leading indicator for a city’s employment than a city’s own permits.

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Year of publication:	2009
Authors:	Ghent, Andra C. ; Owyang, Michael T.
Institutions:	Federal Reserve Bank of St. Louis
Subject:	Housing \| Housing - Prices \| Business cycles

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Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 2009-007
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004973892