Ruiqi Yang (class 2023) is a rising senior majoring in Economics and Anthropology. To prepare himself for graduate school for Economics, he seized this opportunity as access to research methods and academic writing. This project works for Ruiqi Yang as a benchmark for research in graduate school in the future...
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Description
Using China’s national and regional data (i.e. Shanghai, Beijing, and Guangdong), this project studied how Covid-19 affects China’s housing market. Main findings included:
- An outlier region could significantly influence the national statistics of Covid-19 and result in the dynamics of Covid-19 at the national level misrepresenting the overall situation of the epidemic.
- The housing markets have different resilience and responses to Covid-19 and government policies, which led to different types of the market reacting differently to the pandemic. If the market’s confidence is unchanged and the government policy is effective, the impact of Covid-19 will be minimized.
- An unexpected outbreak may alter the correlation between the markets and Covid-19 dynamics, either in the short or long run. It is questionable if such impact endures, but the market tsunami is present.
- Government policies for virus control could unintentionally stimulate the demand and supply sides of the housing market if there is a large inventory.