Is housing the business cycle? evidence from U.S. cities

Andra C. Ghent () and Michael T. Owyang ()

No 2009-007, Working Papers from Federal Reserve Bank of St. Louis

Abstract: We analyze the relationship between housing and the business cycle in a set of 36 US cities. Most surprisingly, we find that falls in house prices are often not followed by declines in employment. We also find that the leading indicator property of residential investment is not consistent across cities and that, at the national level, the leading indicator property of residential investment is not robust to including financial factors as control variables.

Keywords: Housing; Housing - Prices; Business cycles (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-geo, nep-mac and nep-ure
Date: 2009
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