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

Andra Ghent and Michael 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 51 U.S. cities. Most surprisingly, we find that declines in house prices are often not followed by declines in employment. We also find that national permits are a better leading indicator for a city?s employment than a city?s own permits.

Keywords: Housing; Housing - Prices; Business cycles (search for similar items in EconPapers)
Date: 2009
New Economics Papers: this item is included in nep-bec, nep-geo, nep-mac and nep-ure
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Citations: View citations in EconPapers (11)

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Journal Article: Is housing the business cycle? Evidence from US cities (2010)
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