This paper develops a dynamic spatial equilibrium model of regional housing markets in which house prices are jointly determined with migration flows. Agents optimize period-by-period and decide whether to remain where they are or migrate to a new location at the start of each period. The gain...

This paper develops and solves a spatiotemporal equilibrium model in which regional wages and house prices are determined jointly with location-to-location migration flows. The agent’s optimal location choice and the resultant migration process are shown to be Markovian, with the transition...

This paper develops a dynamic spatial equilibrium model of regional housing markets in which house prices are jointly determined with migration flows. Agents optimize period-by-period and decide whether to remain where they are or migrate to a new location at the start of each period. The gain...

This paper develops and solves a spatiotemporal equilibrium model in which regional wages and house prices are jointly determined with location-to-location migration flows. The agent’s optimal location choice and the resultant migration process are shown to be Markovian, with the transition...

Internal migration in the United States has declined substantially over the past several decades, which has important implications for individual welfare, macroeconomic adjustments, and other key outcomes. This paper studies the determinants of internal migration and how they have changed over...

In spite of a growing recognition of the importance of supply conditions for the level and volatility of house prices, empirical work on housing supply outside the US is scarce. This paper considers various measures of housing supply in the Netherlands, where real house prices have roughly...

We present a modified open monocentric city model that assumes that land is available for conversion into new housing throughout the city. The model predicts that positive local income shocks (i) increase the cityś share of multi-family housing in new construction and (ii) lead to the...

We estimate the effect of city land use regulation on housing prices in the presence of regulatory spillover. The total effect of regulation is decomposed into a direct effect in which regulation lowers housing productivity and an indirect effect in which household location choice mitigates the...

This paper estimates the extent to which the supply of new housing is restricted by land use regulations using a panel of California cities from 1970–1995. While land use regulation is found to significantly reduce residential development, estimates from fixed effects regressions are about...

This paper shows that the capitalization of local amenities is effectively priced into land via a two-part pricing formula: a \ticket" price paid regardless of the amount of housing service consumed and a \slope" price paid per unit of services. We first show theoretically how tickets arise as...