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COVID-19, state of emergency, and housing market

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  • Delgado Narro, Ausugto Ricardo
  • Katafuchi, Yuya

Abstract

This study analyzes how the declaration of a state of emergency stemming from COVID-19 affected long-term consumer behavior, i.e., real estate purchasing activity. For our analysis, we define the earliest event that a state of emergency was declared as a treatment and monthly macro data on the real estate market at the county level as an outcome, and construct a panel dataset with various covariates. Using the dataset, we estimated the treatment effect using a difference-in-differences model and found the following; first, the emergency declarations issued by a government do not appear to have affected long-term consumption behavior. Second, this lack of effect remains after excluding various control variables or using a continuous treatment variable.

Suggested Citation

  • Delgado Narro, Ausugto Ricardo & Katafuchi, Yuya, 2020. "COVID-19, state of emergency, and housing market," MPRA Paper 102456, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:102456
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    References listed on IDEAS

    as
    1. Eiji Yamamura. & Yoshiro Tsutsui, 2020. "Impact of the State of Emergency Declaration for COVID-19 on Preventive Behaviors and Mental Conditions in Japan: Difference in Difference Analysis using Panel Data," Papers 2005.13008, arXiv.org.
    2. Tsutomu Watanabe & Yuki Omori, 2020. "How Much Did People Refrain from Service Consumption due to the Outbreak of COVID-19?," Working Papers on Central Bank Communication 021, University of Tokyo, Graduate School of Economics.
    3. Kawaguchi, Kohei & Kodama, Naomi & Tanaka, Mari, 2021. "Small business under the COVID-19 crisis: Expected short- and medium-run effects of anti-contagion and economic policies," Journal of the Japanese and International Economies, Elsevier, vol. 61(C).
    4. KIKUCHI Shinnosuke & KITAO Sagiri & MIKOSHIBA Minamo, 2020. "Heterogeneous Vulnerability to the COVID-19 Crisis and Implications for Inequality in Japan," Discussion papers 20039, Research Institute of Economy, Trade and Industry (RIETI).
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    Cited by:

    1. Katafuchi, Yuya, 2021. "Residential land price fluctuations caused by behavioral changes on work-from-home based on COVID-19," MPRA Paper 109310, University Library of Munich, Germany.
    2. Elisa Guglielminetti & Michele Loberto & Giordano Zevi & Roberta Zizza, 2021. "Living on my own: the impact of the Covid-19 pandemic on housing preferences," Questioni di Economia e Finanza (Occasional Papers) 627, Bank of Italy, Economic Research and International Relations Area.

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    More about this item

    Keywords

    COVID-19; State of emergency; Housing market;
    All these keywords.

    JEL classification:

    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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