The Evolution of National and Regional Factors in US Housing Construction

James H. Stock; Mark W. Watson

doi:10.1093/acprof:oso/9780199549498.003.0003

The Evolution of National and Regional Factors in US Housing Construction

James H. Stock, Mark W. Watson

Research output: Chapter in Book/Report/Conference proceeding › Chapter

9 Scopus citations

Abstract

This chapter builds on Engle's work and examines the coevolution of statelevel building permits for residential units. The aim is to provide new findings concerning the link between housing construction, as measured by building permits, and the decline in US macroeconomic volatility, from the mid-1980s through the end of a sample in 2007, often called the Great Moderation. The chapter is organized as follows. Section 2 describes the state-level building permits data set, along with initial descriptive statistics. Section 3 introduces the DFM-SV model. Section 4 contains the empirical results, and Section 5 concludes.

Original language	English (US)
Title of host publication	Volatility and Time Series Econometrics
Subtitle of host publication	Essays in Honor of Robert Engle
Publisher	Oxford University Press
ISBN (Electronic)	9780191720567
ISBN (Print)	9780199549498
DOIs	https://doi.org/10.1093/acprof:oso/9780199549498.003.0003
State	Published - May 1 2010

All Science Journal Classification (ASJC) codes

Economics, Econometrics and Finance(all)

Keywords

DFM-SV model
Great moderation
Housing construction
Macroeconomic volatility
Residential construction
State building permits

Access to Document

10.1093/acprof:oso/9780199549498.003.0003

Cite this

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The Evolution of National and Regional Factors in US Housing Construction

Abstract

All Science Journal Classification (ASJC) codes

Keywords

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