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Fundamentals behind house prices

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Author Info

  • Li, Bin
  • Zeng, Zhixiong

Abstract

We build a two-sector neoclassical growth model with housing to reveal a set of fundamental forces behind the movement of house prices. The relative price of house exhibits secular growth that is determined by sectoral technological progress and factor intensities. Off the balanced growth path, it comoves negatively with the real rate of interest.

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File URL: http://www.sciencedirect.com/science/article/B6V84-4YYXJHJ-2/2/8b0771aec467f32bfafc35996102e63f
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 108 (2010)
Issue (Month): 2 (August)
Pages: 205-207

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Handle: RePEc:eee:ecolet:v:108:y:2010:i:2:p:205-207

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Web page: http://www.elsevier.com/locate/ecolet

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Keywords: House prices Real interest rate Two-sector growth;

References

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  1. Morris A. Davis & Jonathan Heathcote, 2005. "Housing And The Business Cycle," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(3), pages 751-784, 08.
  2. Jin, Yi & Zeng, Zhixiong, 2004. "Residential investment and house prices in a multi-sector monetary business cycle model," Journal of Housing Economics, Elsevier, vol. 13(4), pages 268-286, December.
  3. Matteo Iacoviello, 2002. "House prices, borrowing constraints and monetary policy in the business cycle," Boston College Working Papers in Economics 542, Boston College Department of Economics, revised 06 Dec 2004.
  4. Turnovsky, Stephen J. & Okuyama, Toshiyuki, 1994. "Taxes, housing, and capital accumulation in a two-sector growing economy," Journal of Public Economics, Elsevier, vol. 53(2), pages 245-267, February.
  5. Charles Ka-Yui Leung, 2004. "Macroeconomics and Housing: A Review of the Literature," Departmental Working Papers _164, Chinese University of Hong Kong, Department of Economics.
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