Is housing the business cycle? Evidence from US cities

By Andra C. Ghent, Michael T. Owyang. 2009

143 citations recorded by the source corpus.

We analyze the relationship between housing and the business cycle in a set of 51 U.S. cities. Most surprisingly, we find that declines in house prices are often not followed by declines in employment. We also find that national permits are a better leading indicator for a city’s employment than a city’s own permits.

Subfields: Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/2e32a492ec407bc91a1350a59c585f21adb1d602