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Aggregation of Local Housing Markets

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  • Goodman, John L, Jr
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    Abstract

    This article explores the implications of spatial aggregation for parameter estimates in models of the housing sector. Using illustrative static and dynamic models and realistic assumptions about the "true" parameter values at the level of the local market, the article characterizes and quantifies the bias resulting from spatial aggregation and then uses the results to shed light on some previous findings from aggregate modeling of the housing sector. Copyright 1998 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

    Volume (Year): 16 (1998)
    Issue (Month): 1 (January)
    Pages: 43-53

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    Handle: RePEc:kap:jrefec:v:16:y:1998:i:1:p:43-53

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    Web page: http://www.springerlink.com/link.asp?id=102945

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    Cited by:
    1. Richard K. Green & Stephen Malpezzi & Stephen K. Mayo, 1999. "Metropolitan-Specific Estimates of the Price Elasticity of Supply of Housing, and Their Sources," Wisconsin-Madison CULER working papers 99-16, University of Wisconsin Center for Urban Land Economic Research.
    2. Pedro M. M. L. Garcês & Cesaltina Pacheco Pires, 2011. "New housing supply: what do we know and how can we learn more?," CEFAGE-UE Working Papers 2011_18, University of Evora, CEFAGE-UE (Portugal).
    3. Christopher J. Mayer & C. Tsuriel Somerville, . "Land Use Regulation and New Construction," Zell/Lurie Center Working Papers 331, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania.
    4. Manuel Aalbers, 2003. "Pressure and suction on housing markets: a critical reply to Priemus," European Journal of Housing Policy, Taylor and Francis Journals, vol. 3(1), pages 61-81, January.
    5. Yang, Zan & Wang, Songtao & Campbell, Robert, 2010. "Monetary policy and regional price boom in Sweden," Journal of Policy Modeling, Elsevier, vol. 32(6), pages 865-879, November.
    6. Malpezzi, Stephen & Maclennan, Duncan, 2001. "The Long-Run Price Elasticity of Supply of New Residential Construction in the United States and the United Kingdom," Journal of Housing Economics, Elsevier, vol. 10(3), pages 278-306, September.
    7. Michael Fratantoni & Scott Schuh, 2000. "Monetary policy, housing investment, and heterogeneous regional markets," Working Papers 00-1, Federal Reserve Bank of Boston.
    8. Mayer, Christopher J. & Somerville, C. Tsuriel, 2000. "Residential Construction: Using the Urban Growth Model to Estimate Housing Supply," Journal of Urban Economics, Elsevier, vol. 48(1), pages 85-109, July.

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