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How asymmetric are urban housing markets? Some worst cases

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  • McDonald, John F.

Abstract

The paper specifies a model of the urban housing market that includes the possibility of asymmetric responses to decreases and increases in housing demand. The model includes an occupancy rate and permits the number housing units to increase or decrease. The occupancy rate and the change in housing units are critical dependent variables. As predicted by the model, the empirical results for 1970 to 2010 show that the occupancy rate in declining central cities fell when population declined and increased when housing units were removed from the stock. The suburbs of those same central cities experienced fairly smooth expansions of the housing market with only small variations in occupancy rates.

Suggested Citation

  • McDonald, John F., 2020. "How asymmetric are urban housing markets? Some worst cases," The Journal of Economic Asymmetries, Elsevier, vol. 21(C).
    • Handle: RePEc:eee:joecas:v:21:y:2020:i:c:s170349491930088x
    DOI: 10.1016/j.jeca.2019.e00149
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    References listed on IDEAS

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    1. John F. McDonald, 1979. "An Empirical Test of a Theory of the Urban Housing Market," Urban Studies, Urban Studies Journal Limited, vol. 16(3), pages 291-297, October.
    2. Edward L. Glaeser & Joseph Gyourko, 2005. "Urban Decline and Durable Housing," Journal of Political Economy, University of Chicago Press, vol. 113(2), pages 345-375, April.
    3. Edward Glaeser & Joseph Gyourko, 2018. "The Economic Implications of Housing Supply," Journal of Economic Perspectives, American Economic Association, vol. 32(1), pages 3-30, Winter.
    4. Arnott, Richard & Igarashi, Masahiro, 2000. "Rent control, mismatch costs and search efficiency," Regional Science and Urban Economics, Elsevier, vol. 30(3), pages 249-288, May.
    5. Richard F. Muth, 1973. "A Vintage Model Of The Housing Stock," Papers in Regional Science, Wiley Blackwell, vol. 30(1), pages 141-156, January.
    6. Harrison, David Jr. & Kain, John F., 1974. "Cumulative urban growth and urban density functions," Journal of Urban Economics, Elsevier, vol. 1(1), pages 61-98, January.
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    Cited by:

    1. Duran, Hasan Engin & Özdoğan, Hilal, 2020. "Asymmetries across regional housing markets in Turkey," The Journal of Economic Asymmetries, Elsevier, vol. 22(C).

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