Glaeser, Edward L.; Gyourko, Joseph E.; Saiz, Albert - 2008
smaller price increases. However, the welfare consequences of bubbles may actually be higher in more elastic places because … those places will overbuild more in response to a bubble. The data show that the price run-ups of the 1980s were almost … building during that period. Over the past five years, a modest number of more elastic places also experienced large price …