House prices, local demand, and retail prices
We document a causal response of local retail prices to changes in local house prices, with elasticities of 15–20 percent across housing cycles. These price responses are largest in zip codes with many homeowners and are driven by changes in markups rather than local costs. We argue that markups ris...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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University of Chicago Press
2019
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| Subjects: | |
| Online Access: | View Fulltext in Publisher |