住房周期和城市化

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2024-05-01 DOI:10.1016/j.jmoneco.2024.01.003

Daniel Murphy

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引用次数: 0

摘要

本文的分析记录了自 20 世纪 90 年代中期以来住房市场与市中心城市化之间的高频联系。具体来说，在整个澳门金沙线上领彩金网房地产市场扩张期间，市中心的房产价值和受过正规教育的居民比例比郊区增加得更多。这种关系取决于 MSA 级高端收入的变化，在短期（三年）和长期时间跨度上都很明显。我提出了一种机制来解释这一证据，该机制基于住房市场扩张对低收入（正规教育程度较低）家庭住房成本的更强传递。这一证据对宏观经济稳定政策对不平等的影响具有启示意义。

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Housing cycles and gentrification

The analysis in this paper documents a high-frequency link between housing markets and downtown gentrification since the mid-1990s. Specifically, property values and the share of formally educated residents increase more in downtown locations than in suburbs during MSA-wide housing market expansions. This relationship holds conditional on changes in MSA-level high-end incomes and is evident at short (three-year) and longer time horizons. I propose a mechanism to account for this evidence based on stronger pass-through from housing market expansions to housing costs for low-income (less formally educated) households. This evidence has implications for the effects of macroeconomic stabilization policies on inequality.

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来源期刊

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.