Is housing the business cycle? evidence from U.S. cities
Abstract: 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.
File(s): File format is application/pdf http://research.stlouisfed.org/wp/2009/2009-007.pdf
Provider: Federal Reserve Bank of St. Louis
Part of Series: Working Papers
Publication Date: 2009