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The Impact of Uncertainty on State-Level Housing Markets of the United States: The Role of Social Cohesion

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posted on 2023-07-26, 15:20 authored by Linyan Dai, Xin Sheng
While considering the role of social cohesion, we analyse the impact of uncertainty on housing markets across the 50 states of the United States, plus the District of Columbia, using the local projection method for panel data. We find that both short-term and long-term measurements of macroeconomic and financial uncertainties reduce real housing returns, with the strongest effect originated from the macro-economic uncertainty over the long term. Moreover, the degree of social cohesion does not change the nature of the impact of uncertainty on real housing returns dramatically, but the size of the negative effects is relatively large for states with low social cohesion.

History

Refereed

  • Yes

Volume

13

Issue number

6

Page range

3065

Publication title

Sustainability

ISSN

2071-1050

Publisher

MDPI

File version

  • Published version

Language

  • eng

Legacy posted date

2021-04-06

Legacy creation date

2021-04-06

Legacy Faculty/School/Department

Faculty of Business & Law

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