Clustered housing cycles

Hernandez-Murillo, R; Owyang, MT; Rubio, M

Owyang, MT (reprint author), Fed Reserve Bank St Louis, Div Res, St Louis, MO 63102 USA.

REGIONAL SCIENCE AND URBAN ECONOMICS, 2017; 66 ( ): 185

Abstract

Using a panel of U.S. city-level building permits data, we estimate a Markov-switching model of housing cycles that allows cities to systematically de......

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