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dc.contributor.authorDavis, Morris A.en
dc.contributor.authorOrtalo-Magné, Françoisen
dc.date.accessioned2008-02-07-
dc.date.accessioned2009-07-28T08:28:58Z-
dc.date.available2009-07-28T08:28:58Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/26200-
dc.description.abstractWe provide new evidence from the 1980, 1990, and 2000 Decennial Census of Housing that the expenditure share on housing is constant over time and across U.S. metropolitan areas (MSA). Consistent with this observation, we consider a basic model in which identical households with Cobb-Douglas preferences for housing and numeraire consumption choose an MSA in which to live and MSAs differ with respect to income earned by residents. We compute constant-quality wages and rental prices for a sample of 50 U.S. MSAs. Given estimated wages, the calibrated model predicts that rental prices should be more dispersed than observed. That is, the model suggests that rental prices are too low in many high-wage MSAs in the year 2000.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2156en
dc.subject.jelD10en
dc.subject.jelR21en
dc.subject.ddc330en
dc.subject.keywordhousehold expendituresen
dc.subject.keywordhousing pricesen
dc.subject.keywordCobb-Douglas utilityen
dc.subject.stwVerbraucherausgabenen
dc.subject.stwGrundbesitzen
dc.subject.stwBallungsraumen
dc.subject.stwImmobilienpreisen
dc.subject.stwMikroökonomische Konsumfunktionen
dc.subject.stwUSAen
dc.titleHousehold expenditures, wages, rents-
dc.typeWorking Paperen
dc.identifier.ppn557973988en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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