Peter Ganong on the Dynamism and Resiliency of the US Economy
Macro Musings with David Beckworth
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The Key Part of the Story Is the Change in Housing Prices
The relationship between housing prices and income got even steeper over time. That means that higher housing prices in those high-income places are going to erode the benefits for migration. As of 2010, when we wrote this paper, there was no option to just show up by an empty plot of land and easily build a house.
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