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The Great Recession and Nonmetropolitan America

  • Rickman, Dan S.
  • Guettabi, Mouhcine

The influence of the housing market bubble on U.S. business cycle dynamics during the previous decade has been well-documented. Yet, little if anything is known about how nonmetropolitan areas fared during the period. This study examines the association of regional housing market bubbles with relative nonmetropolitan economic performance during the business cycle phases of the decade. To better infer causality the study makes extensive use of exogenous measures of asymmetric labor demand shocks. Among the primary findings, the study establishes the important role of natural amenity attractivness in regional housing market cycles and regional employment population growth dynamics.

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File URL: https://mpra.ub.uni-muenchen.de/44829/1/MPRA_paper_44829.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 44829.

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Date of creation: 03 Mar 2013
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Handle: RePEc:pra:mprapa:44829
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  1. Dorfman, Jeffrey H. & Patridge, Mark D. & Galloway, Hamilton, 2008. "Are High-Tech Employment and Natural Amenities Linked?: Answers from a Smoothed Bayesian Spatial Model," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6459, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  2. Mark D., Partridge & Dan S., Rickman & M. Rose, Olfert & Kamar, Ali, 2010. "Dwindling U.S. Internal Migration: Evidence of Spatial Equilibrium?," MPRA Paper 28157, University Library of Munich, Germany.
  3. Partridge, Mark D. & Rickman, Dan S. & Olfert, M. Rose & Tan, Ying, 2012. "When spatial equilibrium fails: is place-based policy second best?," MPRA Paper 40270, University Library of Munich, Germany.
  4. Anthony Pennington-Cross & Giang Ho, 2008. "Predatory Lending Laws and the Cost of Credit," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(2), pages 175-211, 06.
  5. Jason Henderson & Maria Akers, 2009. "Recession catches rural America," Economic Review, Federal Reserve Bank of Kansas City, issue Q I, pages 65-87.
  6. Saks, Raven E. & Wozniak, Abigail, 2007. "Labor Reallocation over the Business Cycle: New Evidence from Internal Migration," IZA Discussion Papers 2766, Institute for the Study of Labor (IZA).
  7. Ashok Bardhan & Richard Walker, 2011. "California shrugged: fountainhead of the Great Recession," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 4(3), pages 303-322.
  8. Thomas H. Klier & Daniel McMillen, 2006. "Evolving agglomeration in the U.S. auto supplier industry," Working Paper Series WP-06-20, Federal Reserve Bank of Chicago.
  9. John McLaren & Shushanik Hakobyan, 2010. "Looking for Local Labor Market Effects of NAFTA," NBER Working Papers 16535, National Bureau of Economic Research, Inc.
  10. Stuart A. Gabriel & Stuart S. Rosenthal, 2004. "Quality of the Business Environment Versus Quality of Life: Do Firms and Households Like the Same Cities?," The Review of Economics and Statistics, MIT Press, vol. 86(1), pages 438-444, February.
  11. David A. McGranahan & Timothy R. Wojan & Dayton M. Lambert, 2011. "The rural growth trifecta: outdoor amenities, creative class and entrepreneurial context -super-�," Journal of Economic Geography, Oxford University Press, vol. 11(3), pages 529-557, May.
  12. Mark D. Partridge & Dan S. Rickman, 2002. "Did The New Economy Vanquish The Regional Business Cycle?," Contemporary Economic Policy, Western Economic Association International, vol. 20(4), pages 456-469, October.
  13. Treyz, George I., 1991. "Causes of changes in wage variation among states," Journal of Urban Economics, Elsevier, vol. 29(1), pages 50-62, January.
  14. Albert Saiz, 2010. "The Geographic Determinants of Housing Supply," The Quarterly Journal of Economics, MIT Press, vol. 125(3), pages 1253-1296, August.
  15. Timothy J. Bartik, 1991. "Who Benefits from State and Local Economic Development Policies?," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number wbsle, November.
  16. Atif Mian & Amir Sufi, 2011. "House Prices, Home Equity-Based Borrowing, and the US Household Leverage Crisis," American Economic Review, American Economic Association, vol. 101(5), pages 2132-56, August.
  17. Edward L. Glaeser & Joseph Gyourko & Albert Saiz, 2008. "Housing Supply and Housing Bubbles," NBER Working Papers 14193, National Bureau of Economic Research, Inc.
  18. Kelly D. Edmiston & Roger Zalneraitis, 2007. "Rising foreclosures in the United States: a perfect storm," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 115-145.
  19. Mark D. Partridge & Dan S. Rickman, 1996. "The Role Of Industry Structure, Costs, And Economic Spillovers In Determining State Employment Growth Rates," The Review of Regional Studies, Southern Regional Science Association, vol. 26(3), pages 235-264, Winter.
  20. Seong-Hoon Cho & Seung Gyu Kim & Roland Roberts, 2011. "Values of environmental landscape amenities during the 2000-2006 real estate boom and subsequent 2008 recession," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 54(1), pages 71-91.
  21. Winters, John V., 2009. "Wages and prices: Are workers fully compensated for cost of living differences?," Regional Science and Urban Economics, Elsevier, vol. 39(5), pages 632-643, September.
  22. Dan S. Rickman, 2010. "Modern Macroeconomics And Regional Economic Modeling," Journal of Regional Science, Wiley Blackwell, vol. 50(1), pages 23-41.
  23. Stephan J Goetz & Mark D Partridge & Dan S Rickman & Shibalee Majumdar, 2011. "Sharing the gains of local economic growth: race-to-the-top versus race-to-the-bottom economic development," Environment and Planning C: Government and Policy, Pion Ltd, London, vol. 29(3), pages 428-456, June.
  24. Keith D. Harvey & Peter J. Nigro, 2004. "Do Predatory Lending Laws Influence Mortgage Lending? An Analysis of the North Carolina Predatory Lending Law," The Journal of Real Estate Finance and Economics, Springer, vol. 29(4), pages 435-456, December.
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