Supply and demand, isoquants, indifference, the lists goes on. Economists love curves. One attracting extra attention these days is the Phillips curve. Last week I was in Boston for the annual meeting of the National Association for Business Economics (NABE). The overall conference was quite good, and certainly one of the highlights was a lunchtime speech by Federal Reserve Chairman Jerome Powell. You can find the speech here (pdf). In this post I want to replicate Powell’s Figure 5, which presents evidence of the evolution of the Phillips Curve.
In this post I want review some trends in U.S. housing supply and demand. Specifically I want to look at county level trends in population, housing supply (the total number of housing units) and house prices. We’ll uncover some interesting trends. Per usual we will make our graphics with R. Preparing the data required several steps that I will outline in a follow up post. For now we’ll just proceed with the data I’ve put together.