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Information Shocks and the Dynamics of the Housing Market *

Information Shocks and the Dynamics of the Housing Market * In this paper, we analyze housing‐market reactions to the release of previously unpublished information on school quality. Using high‐quality housing data, which precisely bracket the timing of the information shock, we investigate housing‐price dynamics within school‐catchment areas. We find a robust short‐term housing‐market reaction to the publication of school‐quality indicators, suggesting that this information was new to the households, and that households are willing to pay for better schools. The publication effect does not seem to be permanent as prices revert to pre‐publication levels after two to three months. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Scandinavian Journal of Economics Wiley

Information Shocks and the Dynamics of the Housing Market *

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References (40)

Publisher
Wiley
Copyright
© The editors of the Scandinavian Journal of Economics 2011.
ISSN
0347-0520
eISSN
1467-9442
DOI
10.1111/j.1467-9442.2011.01651.x
Publisher site
See Article on Publisher Site

Abstract

In this paper, we analyze housing‐market reactions to the release of previously unpublished information on school quality. Using high‐quality housing data, which precisely bracket the timing of the information shock, we investigate housing‐price dynamics within school‐catchment areas. We find a robust short‐term housing‐market reaction to the publication of school‐quality indicators, suggesting that this information was new to the households, and that households are willing to pay for better schools. The publication effect does not seem to be permanent as prices revert to pre‐publication levels after two to three months.

Journal

The Scandinavian Journal of EconomicsWiley

Published: Sep 1, 2011

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