外文翻译--住房市场的经济基本原理：依据美国大城市的住宅状况.docVIP

毕业论文外文翻译 外文题目：ECONOMIC FUNDAMENTALS IN LOCAL HOUSING MARKETS: EVIDENCE FROM U.S. METROPOLITAN REGIONS 出 处： JOURNAL OF REGIONAL SCIENCE，2006，46(8)：425-453Min Hwang John M. Quigley 原 文： ABSTRACT This paper investigates the effects of national and regional economic conditions on outcomes in the single-family housing market; housing prices, vacancies, and residential construction activity. Our three-equation model confirms the importance of changes in regional economic conditions, income, and employment on local housing markets. The results also provide the first detailed evidence on the importance of vacancies in the owner-occupied housing market on housing prices and supplier activities. The results also document the importance of variations in materials, labor and capital costs, and regulation in affecting new supply Simulation exercises, using standard impulse response models, document the lags in market responses to exogenous shocks and the variations arising from differences in local parameters. The results also suggest the importance of local regulation in affecting the pattern of market responses to regional income shocks. INTRODUCTION Housing markets are local, and housing market outcomes reflect local economic conditions. Housing prices are hid up as a result of better employment opportunities and higher incomes enjoyed by residents in an expanding metropolitan market. Changes in the distribution of income are reflected in the distribution of prices and housing amenities. Similarly, housing vacancy rates can be expected to decline when the local economy improves and as the demand for housing increases. Finally, residential construction and building activity are responsive to housing prices, vacancy rates, and the health of the local economy. As higher incomes increase the demand for housing, prices are bid up; new construction becomes more profitable, inducing supplier activity. Dwellings that would otherwise