کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
962595 1478997 2014 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Housing market dynamics with delays in the construction sector
ترجمه فارسی عنوان
پویایی بازار مسکن با تاخیر در بخش ساخت و ساز
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Housing supply is subject to several types of delays. On average, it takes 6 months to get approved for a residential building permit and another 2-4 quarters to complete a construction project. We present a simple two-sector model that incorporates these observations and show that the effect of these delays is not uniform: while they amplify the response of house prices to demand shocks, they dampen the effects of housing supply shocks. Moreover, construction activity depends on the relative duration of the shocks and the construction delays: delays dampen construction booms following temporary shocks, but exaggerate building activity following permanent changes in demand or supply conditions. Our results highlight the importance of capturing the nature and the persistence of the shocks when studying the effects of construction sector delays on housing market dynamics.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Housing Economics - Volume 26, December 2014, Pages 94-108
نویسندگان
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