Housing Constraints and Spatial Misallocation

• 成果类型: Article
• 署名作者: Hsieh, Chang-Tai; Moretti, Enrico
• 署名单位: University of Chicago; National Bureau of Economic Research; University of California System; University of California Berkeley
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20170388
• 发表日期: 2019
• 页码: 1-39
• 关键词: growth; cities; determinants; ECONOMICS; returns; decline; POLICY; state

摘要

We quantify the amount of spatial misallocation of labor across US cities and its aggregate costs. Misallocation arises because high productivity cities like New York and the San Francisco Bay Area have adopted stringent restrictions to new housing supply, effectively limiting the number of workers who have access to such high productivity. Using a spatial equilibrium model and data from 220 metropolitan areas we find that these constraints lowered aggregate US growth by 36 percent from 1964 to 2009.