We study the importance of supply constraints in explaining the heterogeneity in house price cycles across geographies … in the United States. Comparing the equilibrium house price generated with and without supply constraints in a … in supply constraints and determinants of housing demand. Our empirical analysis shows that supply constraints play an …

Although the volatility of house prices is often ascribed to demand-side factors, constraints on housing supply have … the volatility of house prices and the regulation of new housing supply. I then employ a dynamic structural model of … of investment to house prices. I find that supply constraints increase volatility through two channels: First, regulation …