COVID-19, state of emergency, and housing market

Ausugto Ricardo Delgado Narro and Yuya Katafuchi

MPRA Paper from University Library of Munich, Germany

Abstract: This study analyzes how the declaration of a state of emergency stemming from COVID-19 affected long-term consumer behavior, i.e., real estate purchasing activity. For our analysis, we define the earliest event that a state of emergency was declared as a treatment and monthly macro data on the real estate market at the county level as an outcome, and construct a panel dataset with various covariates. Using the dataset, we estimated the treatment effect using a difference-in-differences model and found the following; first, the emergency declarations issued by a government do not appear to have affected long-term consumption behavior. Second, this lack of effect remains after excluding various control variables or using a continuous treatment variable.

Keywords: COVID-19; State of emergency; Housing market (search for similar items in EconPapers)
JEL-codes: I15 I18 R31 (search for similar items in EconPapers)
Date: 2020-08-16
New Economics Papers: this item is included in nep-ure
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Citations: View citations in EconPapers (2)

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https://mpra.ub.uni-muenchen.de/102475/1/MPRA_paper_102456.pdf revised version (application/pdf)

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