Residential Mobility and the Housing Market in a Two‐sector Neoclassical Growth Model

Anna Hardman () and Yannis Ioannides

Scandinavian Journal of Economics, 1999, vol. 101, issue 2, 315-335

Abstract: The impact of residential mobility and competitive housing markets on long run growth is examined using a two‐sector general equilibrium overlapping‐generations model in continuous time. There is an infinity of agents with finite lives who adjust their housing consumption by moving, which is costly. We explore the model's steady‐state properties, first with a free housing market, then under rent control when the market clears through restrictions on the frequency of moves. Rent controls do not just reduce welfare; they may increase the steady‐state capital‐labor ratio.

Date: 1999
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https://doi.org/10.1111/1467-9442.00159

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Working Paper: Residential Mobility and the Housing Market in a Two-sector Neoclassical Growth Model (1999)
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