Residential Mobility and the Housing Market in a Two-Sector Neoclassical Growth Model
AbstractThe 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. The authors explore the model's steady-state properties, first with a free housing market and 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. Copyright 1999 by The editors of the Scandinavian Journal of Economics.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.
Volume (Year): 101 (1999)
Issue (Month): 2 (June)
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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442
Other versions of this item:
- Anna M. Hardman & Yannis M. Ioannides, 1999. "Residential Mobility and the Housing Market in a Two-sector Neoclassical Growth Model," Discussion Papers Series, Department of Economics, Tufts University 9915, Department of Economics, Tufts University.
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