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922期 9月18日 :Housing Supply Regulation: Local Causes and Aggregate Implications(Andrii Parkhomenko, 助理教授, 南加州大学马歇尔商学院)

【主讲】Andrii Parkhomenko (助理教授, 南加州大学马歇尔商学院)

【主题】Housing Supply Regulation: Local Causes and Aggregate Implications

【时间】2018年9月18日 (周二) 15:30-17:00

【地点】上海财经大学经济学院楼701室

【语言】英文

【摘要】I study why some cities have strict housing supply regulation, how regulation affects the economy, and what policymakers can do to mitigate its effects. I develop and calibrate a spatial equilibrium model with heterogeneous workers, where local regulation is endogenously determined by voting. Cities with high productivity and scarce land vote for strict regulation. In a quantitative exercise, I find that regulation leads to spatial misallocation of labor and therefore reduces aggregate productivity. It also contributes to skill sorting, and wage and house price dispersion across cities. A federal policy that weakens incentives to regulate could raise productivity by 2.5%.

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