Superstar Cities

被引：289

作者：

Gyourko, Joseph ^{[1
,2
]}

Mayer, Christopher ^{[2
,3
]}

Sinai, Todd ^{[1
,2
]}

机构：

[1] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA

[2] NBER, Cambridge, MA 02138 USA

[3] Columbia Univ, Grad Sch Business, New York, NY 10025 USA

来源：

AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY | 2013年 / 5卷 / 04期

关键词：

EQUILIBRIUM;

D O I：

10.1257/pol.5.4.167

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We document large long-run differences in average house price appreciation across metropolitan areas over the past 50 years, and show they can be explained by an inelastic supply of land in some unique locations combined with an increasing number of high-income households nationally. The resulting high house prices and price-to-rent ratios in those "superstar" areas crowd out lower income households. The same forces generate a similar pattern among municipalities within a metropolitan area. These facts suggest that disparate local house price and income trends can be driven by aggregate demand, not just changes in local factors such as productivity or amenities.

引用

页码：167 / 199

页数：33

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