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The contribution of this paper is to offer a rationale for the observed seasonal pattern in house prices. We first document seasonality in house prices for the US and the UK using formal statistical tests and illustrate its quantitative importance. In the second part of the paper we employ a...
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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 … housing investment to estimate the effect of supply constraints on both the level of new construction and the responsiveness …
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