Ghent, Andra C.; Owyang, Michael T. - 2009
asserts several stylized
facts about the behavior of the national housing market over the business cycle including:
1 … housing market is a city-level phenomenon; in the short to medium
run, consumers may �nd it di� cult to substitute between … after we control for �nancial
2
factors and oil prices. We also explore the possibility that the housing market in …