Housing cycles and gentrification

• 成果类型: Article
• 署名作者: Murphy, Daniel
• 署名单位: University of Virginia
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2024.01.003
• 发表日期: 2024
• 关键词: Gentrification; Housing cycles

摘要

The analysis in this paper documents a high -frequency link between housing markets and downtown gentrification since the mid -1990s. Specifically, property values and the share of formally educated residents increase more in downtown locations than in suburbs during MSAwide housing market expansions. This relationship holds conditional on changes in MSA-level high -end incomes and is evident at short (three-year) and longer time horizons. I propose a mechanism to account for this evidence based on stronger pass -through from housing market expansions to housing costs for low-income (less formally educated) households. This evidence has implications for the effects of macroeconomic stabilization policies on inequality.