The Long-Run Price Elasticity of Supply of New Residential Construction in the United States and the United Kingdom

Long range dependency and forecasting of housing price index and mortgage market rate: evidence of subprime crisis

“…They dispute that a deteriorating supply elasticity resulting from increased local development regulations in certain cities has caused prices to rise excessively in recent years. These arguments are steady with Malpezzi (1999aMalpezzi ( , 1999b and Malpezzi and Maclennan (2001) that cross-sectional disparity in regulatory constraints assists explain volatility in house price dynamics during its effect on supply elasticity. In this study, we believe that the k-factor Gegenbauer process, which is a k-factor GARMA process lacking the autoregressive and moving-average parts.…”

Structural Changes in the Korean Housing Market before and after Macroeconomic Fluctuations

“…Ooi et al looked at Singapore between 1996 and 2009 and traced the price response of existing houses to the quantity of new units launched by home builders [8]. Malpezzi et al estimated the price elasticity of the housing supply from new construction separately in the United States and in the United Kingdom [9]. Harter-Dreiman also provided information about the price elasticity of the housing supply.…”

The sources of house price change: identifying liquidity shocks to the housing market

“…Such behaviour actually generates asymmetric responses across the housing market with elastic responses of house building during the former and inelastic ones in the latter (Glaesser, Gyourko & Sacks, 2005). In addition, the slope of the new supply curve changes over time (Pryce, 1999;Bramley, 1993;Malpezzi & Vandel, 2002;Goodman, 2005) and price-supply elasticities vary in the short run (small) relative to the long term (large) (De Leeuw & Ekanem, 1971;Olsen, 1987;Hanushek & Quigley, 1979;Meen, 2002;Blackley, 1999;Glaeser et al, 2005, Quigley, 1997, Topel & Rosen, 1988Malpezzi & MacLennan, 2001;Dipasquale & Wheaton, 1994;Goodman, 2005;Malpezzi & Vandell, 2002).The supply function is local and specific to different regions and metropolitan areas with elasticities changing at a spatial level as a result of the impact caused by territorial factors such as climate (Fergus, 1999) or spatial location (Goodman & Thibodeau, 1998, Saiz, 2007. Land control and zoning affects limit housing supply both directly and indirectly (Quigley et al, 2008;Gyourko, Saiz & Summers, 2008;Barker, 2003) as well as the externalities in housing markets and the resulting regulations or housing policy effects (Murray, 1999;Malpezzi & Vandel, 2002;Whitehead, 2003).…”