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Tarnishing the golden and empire states : land-use restrictions and the U.S. economic slowdown

Author: Kyle F Herkenhoff; Lee E Ohanian; Edward C Prescott; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2017.
Series: Working paper series (National Bureau of Economic Research), no. 23790.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper studies the impact of state-level land-use restrictions on U.S. economic activity, focusing on how these restrictions have depressed macroeconomic activity since 2000. We use a variety of state-level data sources, together with a general equilibrium spatial model of the United States to systematically construct a panel dataset of state-level land-use restrictions between 1950 and 2014. We show that these  Read more...
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Genre/Form: History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Kyle F Herkenhoff; Lee E Ohanian; Edward C Prescott; National Bureau of Economic Research,
OCLC Number: 1004856270
Notes: "September 2017"
Description: 1 online resource (61 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 23790.
Responsibility: Kyle F. Herkenhoff, Lee E. Ohanian, Edward C. Prescott.

Abstract:

This paper studies the impact of state-level land-use restrictions on U.S. economic activity, focusing on how these restrictions have depressed macroeconomic activity since 2000. We use a variety of state-level data sources, together with a general equilibrium spatial model of the United States to systematically construct a panel dataset of state-level land-use restrictions between 1950 and 2014. We show that these restrictions have generally tightened over time, particularly in California and New York. We use the model to analyze how these restrictions affect economic activity and the allocation of workers and capital across states. Counterfactual experiments show that deregulating existing urban land from 2014 regulation levels back to 1980 levels would have increased US GDP and productivity roughly to their current trend levels. California, New York, and the Mid-Atlantic region expand the most in these counterfactuals, drawing population out of the South and the Rustbelt. General equilibrium effects, particularly the reallocation of capital across states, accounts for much of these gains.

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