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Fundamentals behind house prices

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  • 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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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;

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  1. 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.
  2. Leung, Charles, 2004. "Macroeconomics and housing: a review of the literature," Journal of Housing Economics, Elsevier, vol. 13(4), pages 249-267, December.
  3. Davis, Morris & Heathcote, Jonathan, 2001. "Housing and the Business Cycle," Working Papers 01-09, Duke University, Department of Economics.
  4. Matteo Iacoviello, 2005. "House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle," American Economic Review, American Economic Association, vol. 95(3), pages 739-764, June.
  5. 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.
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