The Great Recession and Nonmetropolitan America

Rickman, Dan S. and Guettabi, Mouhcine (2013): The Great Recession and Nonmetropolitan America.

Abstract

The influence of the housing market bubble on U.S. business cycle dynamics during the previous decade has been well-documented. Yet, little if anything is known about how nonmetropolitan areas fared during the period. This study examines the association of regional housing market bubbles with relative nonmetropolitan economic performance during the business cycle phases of the decade. To better infer causality the study makes extensive use of exogenous measures of asymmetric labor demand shocks. Among the primary findings, the study establishes the important role of natural amenity attractivness in regional housing market cycles and regional employment population growth dynamics.

• Item Type: MPRA Paper
• Language: English
• Keywords: Great Recession; Housing Market Bubble; Natural Amenities; Nonmetropolitan
• Subjects: R - Urban, Rural, Regional, Real Estate, and Transportation Economics > R1 - General Regional Economics > R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes; R - Urban, Rural, Regional, Real Estate, and Transportation Economics > R1 - General Regional Economics > R12 - Size and Spatial Distributions of Regional Economic Activity; R - Urban, Rural, Regional, Real Estate, and Transportation Economics > R2 - Household Analysis > R21 - Housing Demand; R - Urban, Rural, Regional, Real Estate, and Transportation Economics > R2 - Household Analysis > R23 - Regional Migration ; Regional Labor Markets ; Population ; Neighborhood Characteristics; R - Urban, Rural, Regional, Real Estate, and Transportation Economics > R3 - Real Estate Markets, Spatial Production Analysis, and Firm Location > R31 - Housing Supply and Markets

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