Prospective Unemployment and Interstate Population Movements: A Comment
The Review of Economics and Statistics
1965
turities on borrowing costs has little empirical support either. In addition, these results provide little support for the more conventional assertion that a lengthening of either contract lengths or loan-tovalue ratios is indicative of a reduction of borrowing costs to home buyers. Admittedly, the strongly negative coefficient of G in equation (3) suggests that something is wrong with my original equation.10 I find little merit, however, in Lee's contention that I used an improper measure of borrowing costs and that my estimate of the income elasticity of housing demand is substantially upward biased as a result.
- DOI
- 10.2307/1927775
- Volume
- 47 (4)
- Pages
- 449
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