Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Richard Burdekin

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Rights Information

2022 Ethan J Tyng


In this paper, I integrated shifting macro-variables with housing market variables to evaluate causal relationships in how they move together over the course of the Covid-19 pandemic. Overall, I hypothesize that the leading drivers in housing market price change over the time period and across regions are the implementation and then release of social restrictions, shifts in US inflation, US Real GDP, the monetary base (M2 Index Change), and the cut in Mortgage Rate as well as national interest rates on loans. I suggest that lessening social restrictions, lower mortgage rates, and growing US Inflation and US Real GDP will result in positive price change growth from Q1 2020 to Q1 2022; the period of economic expansion following the onset of the pandemic. I also evaluate the causes for inflationary risks that US economy in currently facing in 2022 and how macro policy must shift to respond. Each explanatory variable mentioned has a different effect and relative significance depending on the time period and region that I will discuss in my results section of my thesis. I will evaluate the significance of all these relationships in my econometric analysis and the results section of my thesis.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.