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What’s the Beef with House Prices? Economic Shocks and Local Housing Markets

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  • Grimes, Arthur
  • Aitken, Andrew

Abstract

We examine the impact of shocks on community outcomes. The shocks that we examine are exogenous economic shocks which occur externally to the local community, and which are hypothesised to impact on the community. By testing the impact of these shocks on community developments, we enrich understanding of what causes communities to develop as they do over time. In particular, we gain a greater understanding of the impact of factors largely or wholly outside the control of local communities which lead to inequality in outcomes between communities. To focus our analysis, we concentrate on the price of houses within each community as the community outcome variable. The local price of houses summarises, in one dimension, a host of tangible and intangible components relating to the community of interest. We use a multivariate panel structure to estimate the long-run and short-run impacts of price, production and demographic variables on real house prices.

Suggested Citation

  • Grimes, Arthur & Aitken, Andrew, 2004. "What’s the Beef with House Prices? Economic Shocks and Local Housing Markets," Motu Working Papers 292995, Motu Economic and Public Policy Research.
    • Handle: RePEc:ags:motuwp:292995
    DOI: 10.22004/ag.econ.292995
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    2. Grimes, Arthur & Kerr, Suzi & Aitken, Andrew, 2004. "Bi-Directional Impacts of Economic, Social and Environmental Changes and the New Zealand Housing Market," Motu Working Papers 292986, Motu Economic and Public Policy Research.
    3. Andrew Coleman & Grant Scobie, 2009. "A Simple Model of Housing Rental and Ownership with Policy Simulations," Motu Working Papers 09_08, Motu Economic and Public Policy Research.
    4. Grimes, Arthur & Aitken, Andrew, 2006. "Housing Supply and Price Adjustment," Motu Working Papers 292873, Motu Economic and Public Policy Research.
    5. David C. Maré & Michelle Poland, 2005. "Defining Geographic Communities," Motu Working Papers 05_09, Motu Economic and Public Policy Research.
    6. Mare, David, 2005. "Indirect Effects of Active Labour Market Policies," Motu Working Papers 292900, Motu Economic and Public Policy Research.
    7. Grimes, Arthur, 2005. "Regional and industry cycles in Australasia: Implications for a common currency," Journal of Asian Economics, Elsevier, vol. 16(3), pages 380-397, June.
    8. Arthur Grimes & Robert Sourell & Andrew Aitken, 2005. "Regional Variation in Rental Costsfor Larger Households," Urban/Regional 0509014, University Library of Munich, Germany.
    9. Grimes, Arthur & Holmes, Mark & Tarrant, Nicholas, 2010. "New Zealand Housing Markets: Just a BitPlayer in the A-League?," Motu Working Papers 292616, Motu Economic and Public Policy Research.
    10. Grimes, Arthur & Mare, David & Morten, Melanie, 2007. "Adjustment in Local Labour and Housing Markets," Motu Working Papers 292850, Motu Economic and Public Policy Research.
    11. Arthur Grimes, 2006. "Intra & inter-regional industry shocks: A new metric with application to Australasian currency union," New Zealand Economic Papers, Taylor & Francis Journals, vol. 40(1), pages 23-44.
    12. Arthur Grimes & Andrew Aitken, 2010. "Housing Supply, Land Costs and Price Adjustment," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 38(2), pages 325-353, June.

    More about this item

    Keywords

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    JEL classification:

    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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