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Why has regional income convergence in the U.S. declined?

Author: Peter Ganong; Daniel W Shoag; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2017.
Series: Working paper series (National Bureau of Economic Research), no. 23609.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The past thirty years have seen a dramatic decline in the rate of income convergence across states and in population flows to high-income places. These changes coincide with a disproportionate increase in housing prices in high-income places, a divergence in the skill-specific returns to moving to high-income places, and a redirection of low-skill migration away from high-income places. We develop a model in which  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Peter Ganong; Daniel W Shoag; National Bureau of Economic Research,
OCLC Number: 1000387435
Notes: "July 2017"
Includes online appendix (pages 34-46, 6 unnumbered pages).
Description: 1 online resource (33 pages, 3 unnumbered pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 23609.
Responsibility: Peter Ganong, Daniel W. Shoag.

Abstract:

The past thirty years have seen a dramatic decline in the rate of income convergence across states and in population flows to high-income places. These changes coincide with a disproportionate increase in housing prices in high-income places, a divergence in the skill-specific returns to moving to high-income places, and a redirection of low-skill migration away from high-income places. We develop a model in which rising housing prices in high-income areas deter low-skill migration and slow income convergence. Using a new panel measure of housing supply regulations, we demonstrate the importance of this channel in the data.

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