Working Paper
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.
Keywords: Housing; Housing - Prices; Business cycles;
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Bibliographic Information
Provider: Federal Reserve Bank of St. Louis
Part of Series: Working Papers
Publication Date: 2009
Number: 2009-007