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 InfoPaper provided by Department of Economics, Tufts University in its series Discussion Papers Series, Department of Economics, Tufts University with number 9915.
Date of creation: 1999
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Other versions of this item:
- Hardman, Anna M & Ioannides, Yannis M, 1999. " Residential Mobility and the Housing Market in a Two-Sector Neoclassical Growth Model," Scandinavian Journal of Economics, Wiley Blackwell, vol. 101(2), pages 315-35, June.
- NEP-ALL-2004-08-31 (All new papers)
- NEP-DGE-2000-01-24 (Dynamic General Equilibrium)
- NEP-URE-2004-08-31 (Urban & Real Estate Economics)
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