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National and regional housing patterns

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  • Lynn Elaine Browne
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    Abstract

    Residential investment is one of the most volatile components of GDP. Coming out of a recession, it is not uncommon for residential investment to jump by more than 20 percent in a year. Going into a recession, it may fall by a similar fraction. Thus, while residential investment accounts for just 4 percent of GDP, it can have a disproportionate influence at critical junctures. Moreover, fluctuations in residential investment can have even greater impact at the regional level. This article compares patterns of residential investment, with a particular emphasis on the similarities and differences between the 1980s and the 1990s in individual regions. On balance, the author finds the picture as of 1999 to be fairly reassuring. Although the volume of construction in the Mountain states was high, even relative to that area's rapid population growth, no region seemed to possess the vulnerabilities that characterized New England and Texas in the 1980s.

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    File URL: http://www.bostonfed.org/economic/neer/neer2000/neer400c.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Boston in its journal New England Economic Review.

    Volume (Year): (2000)
    Issue (Month): Jul ()
    Pages: 31-57

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    Handle: RePEc:fip:fedbne:y:2000:i:jul:p:31-57

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    Related research

    Keywords: Housing;

    References

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    1. Lynn Elaine Browne & Rebecca Hellerstein & Jane Sneddon Little, 1998. "Inflation, asset markets, and economic stabilization: lessons from Asia," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 3-32.
    2. Rochelle M. Edge, 2000. "The effect of monetary policy on residential and structures investment under differential project planning and completion times," International Finance Discussion Papers 671, Board of Governors of the Federal Reserve System (U.S.).
    3. Michael Fratantoni & Scott Schuh, 2000. "Monetary policy, housing investment, and heterogeneous regional markets," Working Papers 00-1, Federal Reserve Bank of Boston.
    4. Karl E. Case, 1986. "The market for single-family homes in the Boston area," New England Economic Review, Federal Reserve Bank of Boston, issue May, pages 38-48.
    5. Lynn E. Browne, 1989. "Shifting regional fortunes: the wheel turns," New England Economic Review, Federal Reserve Bank of Boston, issue May, pages 27-40.
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    Cited by:
    1. John M. Quigley, 2006. "Federal credit and insurance programs: housing," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 281-310.
    2. Goodness C. Aye & Rangan Gupta, 2013. "Forecasting the US Real Private Residential Fixed Investment Using Large Number of Predictors," Working Papers 201348, University of Pretoria, Department of Economics.
    3. Nombulelo Gumata, Alain Kabundi and Eliphas Ndou, 2013. "Important Channels of Transmission Monetary Policy Shock in South Africa," Working Papers 375, Economic Research Southern Africa.

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