Hot and Cold Seasons in the Housing Market

Ngai, L. Rachel; Tenreyro, Silvana

doi:10.1257/aer.104.12.3991

Cited by 218 publications

(133 citation statements)

References 36 publications

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“…Recent studies have turned to quantitative evaluations using micro data (see Diaz and Perez, 2013;Head et al, 2014;Ngai and Tenreyro, 2014;Guren and McQuade, 2014;Anenberg and Bayer, 2014;Halket and Pignatti, 2015;Burnside et al, 2016;Guren, 2017).Most of these authors are interested in how search modifies the time series dynamics of house prices and market activity in homogeneous housing markets. In contrast, our focus is on steady states of markets with rich cross sections of houses and buyers.…”

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confidence: 99%

Segmented Housing Search

Piazzesi¹,

Schneider²,

Stroebel³

2015

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This paper studies housing markets with multiple segments searched by heterogeneous clienteles. We explore market and search activity for the San Francisco Bay Area. Variation within narrow geographic areas is large and differs significantly from variation across those areas. In particular, search activity and inventory covary positively within cities and zip codes, but negatively across those units. A quantitative search model shows how the interaction of broad and narrow searchers drives these differences in housing market activity at different levels of aggregation, determines price discounts due to market frictions, and shapes the response of local housing markets to supply and demand shocks.

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confidence: 99%

Segmented Housing Search

Piazzesi¹,

Schneider²,

Stroebel³

2015

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“…The real estate market is characterized by a "search-and-match" mechanism, a large part of which takes place outdoors, and many prospective home-buyers search for houses in the summer (Ngai and Tenreyro (2014)). Higher summer temperatures may negatively affect prospective home-buyers' productivity in searching, thus impacting the overall sales volume of this market.…”

Section: Industry Analysismentioning

confidence: 99%

Temperature and Growth: A Panel Analysis of the United States

Hoffmann¹

2016

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Inter-American Development Bank. This work is licensed under a Creative Commons IGO 3.0 AttributionNonCommercial-NoDerivatives (CC-IGO BY-NC-ND 3.0 IGO) license (http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ legalcode) and may be reproduced with attribution to the IDB and for any non-commercial purpose, as provided below. No derivative work is allowed. Terms of use: Documents inAny dispute related to the use of the works of the IDB that cannot be settled amicably shall be submitted to arbitration pursuant to the UNCITRAL rules. The use of the IDB's name for any purpose other than for attribution, and the use of IDB's logo shall be subject to a separate written license agreement between the IDB and the user and is not authorized as part of this CC-IGO license.Following a peer review process, and with previous written consent by the Inter-American Development Bank (IDB), a revised version of this work may also be reproduced in any academic journal, including those indexed by the American Economic Association's EconLit, provided that the IDB is credited and that the author(s) receive no income from the publication. Therefore, the restriction to receive income from such publication shall only extend to the publication's author(s). With regard to such restriction, in case of any inconsistency between the Creative Commons IGO 3.0 Attribution-NonCommercial-NoDerivatives license and these statements, the latter shall prevail.Note that link provided above includes additional terms and conditions of the license.The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of the Inter-American Development Bank, its Board of Directors, or the countries they represent.http://www.iadb.org 2016 Abstract * This paper documents that seasonal temperatures have significant and systematic effects on the U.S. economy, both at the aggregate level and across a wide crosssection of economic sectors. This effect is particularly strong for the summer: an increase of 1 o F in the average summer temperature is associated with a reduction in the annual growth rate of state-level output of 0:15 to 0:25 percentage points. When these estimates are combined with projected increases in seasonal temperatures it is found that a reduction of U.S. economic growth by up to one third could occur over the next century.JEL classifications: O44, Q51, Q59, R11

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“…Whereas search processes in this market are indisputably frictional, 3 there still are relatively few search and matching models of the housing market as a whole. After the seminal work of Wheaton (1990), most of the advances have been made in recent years (Albrecht, Anderson, Smith, and Vroman 2007, Ngai and Tenreyro 2014, Díaz and Jerez 2013, Albrecht, Gautier, and Vroman 2015, Carrillo 2012. These various papers study many interesting features of the housing market, such as the divide between tenants and homeowners or the fact that sellers are often also buyers.…”

Section: Introductionmentioning

confidence: 99%

Neighbor discrimination theory and evidence from the French rental market

Combes

Decreuse

Schmutz

et al. 2018

Journal of Urban Economics

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This paper describes a novel concept of customer discrimination in the housing market, neighbor discrimination. We build up a matching model with ethnic externalities where landlords differ in the number of apartments they own within the same building. Larger landlords discriminate more often only if some tenants are prejudiced against the minority group. Testing the null hypothesis whereby minority tenants are equally likely to have a large landlord provides a natural test for the existence of neighbor discrimination. In an empirical application, we show that this null hypothesis is rejected for African immigrants in the French private rental market. We then show that the local proportion of large landlords is positively correlated with African tenants' probability of living in public housing, whereas this is not the case of other demographic groups.JEL codes: R21, J71.

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Hot and Cold Seasons in the Housing Market

Cited by 218 publications

References 36 publications

Segmented Housing Search

Segmented Housing Search

Temperature and Growth: A Panel Analysis of the United States

Neighbor discrimination theory and evidence from the French rental market

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