This setting lets you change the way you view articles. You can choose to have articles open in a dialog window, a new tab, or directly in the same window.
Open in Dialog
Open in New Tab
Open in same window

American Economic Journal: Economic Policy: Vol. 5 No. 4 (November 2013)

Expand

Quick Tools:

Print Article Summary
Export Citation
Sign up for Email Alerts Follow us on Twitter Subscription Information
(Institutional Administrator Access)

Explore:

AEJ: Policy - All Issues

AEJ: Policy Forthcoming Articles

Superstar Cities

Article Citation

Gyourko, Joseph, Christopher Mayer, and Todd Sinai. 2013. "Superstar Cities." American Economic Journal: Economic Policy, 5(4): 167-99.

DOI: 10.1257/pol.5.4.167

Abstract

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 highincome 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.

Article Full-Text Access

Full-text Article

Additional Materials

Authors

Gyourko, Joseph (U PA)
Mayer, Christopher (Columbia U)
Sinai, Todd (U PA)

JEL Classifications

R11: Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
R23: Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics
R31: Housing Supply and Markets
R52: Regional Government Analysis: Land Use and Other Regulations

Comments

View Comments on This Article (0) | Login to post a comment


American Economic Journal: Economic Policy


Quick Tools:

Sign up for Email Alerts

Follow us on Twitter

Subscription Information
(Institutional Administrator Access)

Explore:

AEJ: Policy - All Issues

AEJ: Policy - Forthcoming Articles

Virtual Field Journals


AEA Member Login:


AEAweb | AEA Journals | Contact Us