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The Dynamic Impact of Unseasonable Weather on Construction Activity
Author(s) -
Coulson N. Edward,
Richard Christian
Publication year - 1996
Publication title -
real estate economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.064
H-Index - 61
eISSN - 1540-6229
pISSN - 1080-8620
DOI - 10.1111/1540-6229.00686
Subject(s) - vector autoregression , precipitation , economics , census , econometrics , autoregressive model , meteorology , structural vector autoregression , climatology , environmental science , geography , macroeconomics , demography , geology , monetary policy , population , sociology
We simulate the effects of unseasonable increases in temperature and precipitation on housing starts and completions in each of the four Census regions. Using an overidentified vector autoregression model the dynamics of housing starts and completions are estimated. The persistence of housing activity over time implies that weather shocks also have long‐lasting effects, though the impact seems large only in the North Central region.