Hilber, Christian A. L.Vermeulen, Wouter2017-09-272017-09-272013https://hdl.handle.net/2445/115897We explore the impact of different types of supply constraints on House prices in England by exploiting a unique panel dataset of 353 local planning authorities ranging from 1974 to 2008. Using exogenous variation from a policy reform, vote shares and historical density to identify the endogenous constraints-measures, we find that: i) Regulatory constraints have a substantive positive impact on the house price-earnings elasticity; ii) The effect of constraints due to scarcity of developable land is largely confined to highly urbanised areas; iii) Uneven topography has a quantitatively less meaningful impact; and iv) The effects of supply constraints are greater during boom than bust periods.52 p.application/pdfengcc-by-nc-nd, (c) Hilber et al., 2013http://creativecommons.org/licenses/by-nc-nd/3.0/es/HabitatgePolítica de preusÚs del sòlHousingPrices policyLand useinfo:eu-repo/semantics/workingPaperinfo:eu-repo/semantics/openAccess