TY - JOUR
T1 - The nominal rigidity of apartment rents
AU - Genesove, David
PY - 2003/11
Y1 - 2003/11
N2 - This paper contributes to the empirical literature on price stickiness by documenting a high rate of nominal rigidity among housing rents in the United States between 1974 and 1981. Of the units studied, 29% had no change in nominal rents from year to year. The incidence was much higher (a) in years and cities with a low median nominal rent growth rate, and among (b) units whose tenants continued from the previous year and (c) units in small buildings. A little less than half of the nominal rigidity can be ascribed to grid pricing. Possible explanations, as well as the likely distributive and allocative implications, are discussed.
AB - This paper contributes to the empirical literature on price stickiness by documenting a high rate of nominal rigidity among housing rents in the United States between 1974 and 1981. Of the units studied, 29% had no change in nominal rents from year to year. The incidence was much higher (a) in years and cities with a low median nominal rent growth rate, and among (b) units whose tenants continued from the previous year and (c) units in small buildings. A little less than half of the nominal rigidity can be ascribed to grid pricing. Possible explanations, as well as the likely distributive and allocative implications, are discussed.
UR - http://www.scopus.com/inward/record.url?scp=0242721135&partnerID=8YFLogxK
U2 - 10.1162/003465303772815763
DO - 10.1162/003465303772815763
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AN - SCOPUS:0242721135
SN - 0034-6535
VL - 85
SP - 844
EP - 853
JO - Review of Economics and Statistics
JF - Review of Economics and Statistics
IS - 4
ER -