Ciudades y productividadLa relación con los precios de las viviendas

  1. Paloma Taltavull de La Paz 1
  1. 1 Universitat d'Alacant
    info

    Universitat d'Alacant

    Alicante, España

    ROR https://ror.org/05t8bcz72

Revista:
Papeles de economía española

ISSN: 0210-9107

Año de publicación: 2017

Título del ejemplar: Economía de las ciudades

Número: 153

Páginas: 96-109

Tipo: Artículo

DIALNET GOOGLE SCHOLAR lock_openAcceso abierto editor

Otras publicaciones en: Papeles de economía española

Resumen

This article undertakes the interrelations between residential prices and city productivity. Following the principles explaining the role of productivity in the city competitiveness and the fundamentals of housing price dynamics, the article provides an initial evidence of the existence of transmission channels between both variables and explores them empirically in 99 Spanish cities. The results show an association between city productivity and housing prices that varies by city and is in line with what evidence in other economies says in a group of them. The exercise fail to find conclusive evidence of the transmission of productivity towards the residential prices in the two largest cities (Madrid and Barcelona), but it does in medium-sized capitals that locate activities with a greater technological component (such as Bilbao or Pamplona) and others specialized in traditional production or labor-intensive services (such as Valencia or Las Palmas).

Referencias bibliográficas

  • Blumenthal, P. M.; McGinty, J. R., y R. Pendal (2016), Strategies for increasing Housing Supply in High-Cost Cities, Urban Institute, Washington, DC.
  • DiPasquale, D., y W. C. Wheaton (1994), «Housing market dynamics and the future of housing prices», Journal of urban economics, 35(1), 1-27.
  • DiPasquale, D., y W. C. Wheaton (1996), Urban economics and real estate markets (Vol. 23, No. 7). Englewood Cliffs, NJ: Prentice Hall.
  • Duca, J. V.; Muellbauer, J., y A. Murphy (2012), Credit standards and the bubble in US house prices: new econometric evidence. Property Markets and Financial Stability: 83-89. Disponible en: https://www. bis.org/publ/bppdf/bispap64.pdf#page=95 (acceso 29.3.2014)
  • Furman, J. (2015), Barriers to Shared Growth: The Case of Land Use Regulation and Economic Rents, Remarks delivered at the Urban Institute, Washington, DC.
  • Ganong, P., y D. W. Shoag (2017), Why Has Regional Income Convergence in the US Declined?, Working Paper, 23609, National Bureau of Economic Research. Disponible en https:// scholar.harvard.edu/files/shoag/files/why_has_regional_income_ convergence_in_the_us_declined_01.pdf
  • Glaeser, E. L. (2006), The economic Impact of Restricting Housing Supply, Cambridge, MA: Rappaport Institute for Greater Boston, Harvard University.
  • Glaeser, E. L., y D. C. Maré (2001), «Cities and Skills», Journal of Labor Economics, 19(2): 316-342.
  • Glaeser, E. L.; Gyourko, J., y R. E. Saks (2005a), «Why Housing Prices Fone Up?», American Economic Review, 95(2): 329-33.
  • Glaeser, E. L.; Gyourko, J., y R. E. Saks (2005b), «Urban Growth and Housing Supply», HIER Discussion Paper No. 2,062, SSRN papers series No. 658343.
  • Goodman, A. C. (2005), «The Other Side of Eight Mile: Suburban Population and Housing Supply», Real Estate Economics, 33(3): 539-569.
  • Gyourko, J.; Mayer, C., y T. Sinai (2006), Superstar Cities, NBER working paper 12355, disponible en http://www.nber.org/papers/w12355
  • Hanushek, E. A., y J. M. Quigley (1979), «The Dynamics of the Housing Market: A Stock Adjustment Model of Housing Consumption», Journal of Urban Economics, 6(1): 90-111.
  • Hsieh, C. T., y E. Moretti (2015), Why do cities matter? Local growth and aggregate growth (No. w21154), National Bureau of Economic Research.
  • Hwang, M., y J. M. Quigle y (2006), «Economic fundamentals in local housing markets: Evidence from US metropolitan regions», Journal of Regional Science, 46(3):425-453.
  • López García, M. Á. (2005), «La vivienda y la reforma fiscal de 1998: un ejercicio de simulación», Hacienda Pública Española, 175(4):123- 147.
  • Malpezzi, S.,y D. Maclennan (2001), «The long-run Price Elasticity of Supply of New Residential Construction in the United States and the United Kingdom», Journal of Housing Economics, 10: 278-306.
  • Maré, D. C. (2016), Urban productivity estimation with heterogeneous prices and labour, MOTU Working Paper 16-21.
  • Mayo, S. K. (1981), «Theory and Estimation in the Economics of Housing Demand», Journal of Urban Economics, 10: 95-116.
  • Mclennan, D.; Ong, R., y G. Wood (2015), Making connections: housing, productivity and economic development, AHURI report num 251.
  • Meen, G. (2003), «Housing Cycles and Efficiency», Scottish Journal of Political Economy, 47(2):114-140.
  • Olsen, E. O. (1987), «The Demand and Supply of Housing Service: A Critical Survey of the Empirical Literature», en E. S. MILLS,, Handbook of Regional and Urban Economics. Amsterdam, North- Holland Vol. II, Chap.25: 989-1022.
  • Poterba, J. M. (1991), «House Price Dynamics: The Role of Tax Policy and Demography», Brookings Papers on Economic Activity, 2:143- 203.
  • Quigley, J. M., y S. Raphael (2004), «Is Housing Unaffordable? Why Isn’t it More Affordable?», The Journal of Economic Perspectives, 18(1): 191-214.
  • Saks, R. E. (2008), Reassessing the role of national and local shocks in metropolitan area housing markets, Brookings-Wharton Papers on Urban Affairs, 2008(1): 95-126.
  • Smith, L. B.; Rosen, K. T., y G. Fallis (1988), «Recent Developments in Economic Models of Housing Markets», Journal of Economic Literature, 26(1): 29-64.
  • Sveikaukas, L. (1975), «The productivity of cities», The Quarterly Journal of Economics, 89(3): 393-413.
  • Taltavull de La Paz, P. (2014), «New housing supply and price reactions: Evidence from Spanish markets», Journal of European Real Estate Research, 7(1): 4-28.
  • Taltavull de La Paz, P., y L. Gabrielli (2015), «Housing Supply and Price Reactions: A Comparison Approach to Spanish and Italian Markets2», Housing Studies, 30(7):1036-1063.
  • Wheaton, W. C. (1999), «Real Estate Cycles: Some Fundamentals», Real Estate Economics, 27(2): 209-230.
Fuente de los datos: Dialnet