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Do Cities and Suburbs Cluster?
William N. Goetzmann Yale School of Management - International Center for Finance; National Bureau of Economic Research (NBER) Matthew I. Spiegel Yale School of Management, International Center for Finance Susan M. Wachter University of Pennsylvania - The Wharton School - Real Estate Department Cityscape, Vol. 3, No. 3, 1998 Abstract: This article addresses the issue of how closely the fortunes of suburbs are tied to the fortunes of the central city. We develop housing price indices for most of the zip codes in California and use them in a clustering procedure to determine whether city and suburban housing markets naturally aggregate or move separately. We find that central cities tend to group with their suburbs, suggesting that the housing markets of cities and suburbs are closely linked.
JEL Classifications: H77, H79 Accepted Paper SeriesDate posted: April 05, 1999 ; Last revised: May 11, 1999Suggested CitationContact Information
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