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Is Housing the Business Cycle? Evidence from U.S. Cities

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.

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https://doi.org/10.20955/wp.2009.007

https://doi.org/10.1016/j.jue.2009.11.001


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