Location, Location, Location: Manufacturing and House Price Growth

IF 3.8 2区经济学 Q1 ECONOMICS

Economic Journal Pub Date : 2023-01-25 DOI:10.1093/ej/uead008

Xiangyu Feng, Nir Jaimovich, Krishna Rao, Stephen J Terry, Nicolas Vincent

引用次数: 0

Abstract

Abstract Exploiting data on tens of millions of housing transactions, we show that (1) house prices grew by less in manufacturing-heavy US regions, (2) this pattern is especially present for the lowest-value homes and that (3) price declines coincided with worse labour market outcomes, consistent with an income channel. Counterfactual accounting exercises reveal that regional differences in the growth of these lowest-value homes are an important driver of the changes in overall house price inequality. Hence, the economic decline in manufacturing-heavy areas extends far beyond income and employment flows to house prices.

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位置，位置，位置:制造业和房价增长

利用数千万住房交易的数据，我们表明:(1)美国制造业密集地区的房价增长较少，(2)这种模式尤其存在于最低价值的房屋中，(3)价格下跌与更糟糕的劳动力市场结果相吻合，与收入渠道一致。反事实的会计实践表明，这些最低价值房屋增长的地区差异是整体房价不平等变化的重要驱动因素。因此，在以制造业为主的地区，经济下滑远远超出了收入和就业流向房价的范围。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Journal ECONOMICS-

CiteScore

6.60

自引率

3.10%

发文量

期刊介绍： The Economic Journal is the Royal Economic Society''s flagship title, and is one of the founding journals of modern economics. Over the past 125 years the journal has provided a platform for high quality and imaginative economic research, earning a worldwide reputation excellence as a general journal publishing papers in all fields of economics for a broad international readership. It is invaluable to anyone with an active interest in economic issues and is a key source for professional economists in higher education, business, government and the financial sector who want to keep abreast of current thinking in economics.