Accetturo, Antonio
[Verfasser:in]
;
Lamorgese, Andrea
[Sonstige Person, Familie und Körperschaft];
Mocetti, Sauro
[Sonstige Person, Familie und Körperschaft];
Pellegrino, Dario
[Sonstige Person, Familie und Körperschaft]
Erschienen in:Bank of Italy Temi di Discussione (Working Paper) ; No. 1267
Umfang:
1 Online-Ressource (48 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.3612929
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 18, 2020 erstellt
Beschreibung:
The paper examines the impact of housing supply elasticity on urban development. Using data for a sample of around one hundred Italian main cities observed over 40 years, we first estimate housing supply elasticities at the city level. Second, we show that differences in the elasticity of housing supply may determine the extent to which a demand shock translates into more intense employment growth or more expensive houses. To address endogeneity of housing supply elasticity, we exploit a synthetic measure of physical constraints to residential development as instrumental variable. We find that an exogenous increase in labour demand determines a rise in employment and housing prices; however, in cities with a less elastic housing supply the impact on economic growth is significantly lessened while the effects on house prices are greater