Volume 13, Issue 3 (2013)
QJER 2013, 13(3): 161-175 |
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Seyednourani S M R. Estimating Housing Supply Determinants: Applying an Urban Growth Model with GMM Method. QJER 2013; 13 (3) :161-175
URL: http://ecor.modares.ac.ir/article-18-10329-en.html
URL: http://ecor.modares.ac.ir/article-18-10329-en.html
Associate Professor of Economics, Allameh Tabatba’i University
Abstract: (6221 Views)
In spite of a lot of studies in field of housing, housing supply has been less addressed. One of main reasons is complexity of housing supply field. In this study we use Capozza and Helsley urban growth model which assume housing supply as a function of variations in both housing price and construction expenses. The model is estimated with General Method of Moments (GMM) using seasonal data of Iran for 1996:2-2008:1. Results show that effect of housing price variations on housing supply is positive, however the effect of building material expenses and construction opportunity cost (stock exchange index) are both negative on it, but coefficient of stock exchange index is statistically insignificant. In addition, housing price variations and building material expenses with two period lags are effective on housing supply which indicate role of expectations. Also results show that variations in the other markets such as building materials market play important role in housing supply. It is proposed that because of high sensitivity in increasing of housing price, policies of housing supply to be followed by this market.
Received: 2012/07/1 | Accepted: 2012/10/3 | Published: 2013/08/23
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