Journal of Political Economy Vol. 113 No. 2 2005

Urban Decline and Durable Housing

Edward L. Glaeser^1,2,3,4; Joseph Gyourko^1,2,3,4

¹ National Bureau of Economic Research · ² Harvard University · ³ California University of Pennsylvania · ⁴ University of Pennsylvania

Abstract

People continue to live in many big American cities, because in those cities housing costs less than new construction. While cities may lose their productive edge, their houses remain and population falls only when housing depreciates. This paper presents a simple durable housing model of urban decline with several implications which document: (1) urban growth rates are leptokurtotic --cities grow more quickly than they decline, (2) city growth rates are highly persistent, especially amount declining cities,

DOI

10.1086/427465

Volume

113

Issue

2

Pages

345-375

Language

en

Sources

bibtex:phds-export.bib openalex crossref

Cite

APA 7 MLA 9 Chicago (author–date) Harvard Elsevier Harvard (JFE, JBF…) The Accounting Review Academy of Management American Marketing Association INFORMS (Management Science) Copy citation Copied ✓