Gyourko, Joseph; Mayer, Christopher; Sinai, Todd - In: American Economic Journal: Economic Policy 5 (2013) 4, pp. 167-99
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...