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The price and quantity of land by legal form of organization in the United States

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  • Davis, Morris A.

Abstract

I develop estimates of the value, price and quantity of land owned by each of the major legal forms of organization in the United States. "Land" stands for all aspects of a developed property (location, amenities, option value, etc.) such that the market value of the property is worth more than the replacement cost of the structures. The estimates I produce are necessary ingredients in the production of a fully integrated set of economic accounts for the United States as described by Jorgenson and Landefeld (Jorgenson, Dale W., Landefeld, J. Steven, 2006. Blueprint for Expanded and Integrated U.S. Accounts - Review, Assessment, and Next Steps. In: Jorgenson, Dale W., Landefeld, J. Steven, Nordhaus, William D. (Eds.), A New Architecture for the U.S. National Accounts. The University of Chicago Press). The estimates also contribute to our understanding of the behavior of the aggregate price of land. A key result of this paper is that the price of land in residential use historically has very different patterns than the price of land in commercial use.

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Bibliographic Info

Article provided by Elsevier in its journal Regional Science and Urban Economics.

Volume (Year): 39 (2009)
Issue (Month): 3 (May)
Pages: 350-359

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Handle: RePEc:eee:regeco:v:39:y:2009:i:3:p:350-359

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

Related research

Keywords: Land Land value Land price Residential land Commercial land Flow of funds;

References

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  1. Morris A. Davis & Robert F. Martin, 2005. "Housing, house prices, and the equity premium puzzle," Finance and Economics Discussion Series 2005-13, Board of Governors of the Federal Reserve System (U.S.).
  2. 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.
  3. Simon Kuznets & Lillian Epstein & Elizabeth Jenks, 1946. "National Product Since 1869," NBER Books, National Bureau of Economic Research, Inc, number kuzn46-1, May.
  4. Monika Piazzesi & Martin Schneider & Selale Tuzel, 2004. "Housing, Consumption and Asset Pricing," 2004 Meeting Papers 357c, Society for Economic Dynamics.
  5. Matteo Iacoviello & Stefano Neri, 2007. "Housing Market Spillovers: Evidence from an Estimated DSGE Model," Boston College Working Papers in Economics 659, Boston College Department of Economics, revised 23 Oct 2009.
  6. Edward L. Glaeser & Joseph Gyourko, . "Urban Decline and Durable Housing," Zell/Lurie Center Working Papers 382, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania.
  7. David Barker & Jay Sa-Aadu, 2004. "Is Real Estate Becoming Important Again? A Neo-Ricardian Model of Land Rent," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 32(1), pages 33-53, 03.
  8. Jonathan Heathcote & Morris Davis, 2004. "The Price and Quantity of Residential Land in the United States," 2004 Meeting Papers 32, Society for Economic Dynamics.
  9. Raymond W. Goldsmith, 1962. "The National Wealth of the United States in the Postwar Period," NBER Books, National Bureau of Economic Research, Inc, number gold62-1, May.
  10. 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.
  11. Hanno Lustig & Stijn Van Nieuwerburgh, 2006. "Can Housing Collateral Explain Long-Run Swings in Asset Returns?," NBER Working Papers 12766, National Bureau of Economic Research, Inc.
  12. Leo Grebler & David M. Blank & Louis Winnick, 1956. "Capital Formation in Residential Real Estate: Trends and Prospects," NBER Books, National Bureau of Economic Research, Inc, number greb56-1, May.
  13. Nobuhiro Kiyotaki & Alexander Michaelides & Kalin Nikolov, 2007. " Winners and Losers in Housing Markets," CDMA Conference Paper Series 0705, Centre for Dynamic Macroeconomic Analysis.
  14. Andrew Haughwout & James Orr & David Bedoll, 2008. "The price of land in the New York metropolitan area," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 14(Apr).
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Citations

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Cited by:
  1. Jean-François Rouillard, 2013. "International Risk Sharing and Land Dynamics," Cahiers de recherche 13-02, Departement d'Economique de la Faculte d'administration à l'Universite de Sherbrooke.
  2. Nichols, Joseph B. & Oliner, Stephen D. & Mulhall, Michael R., 2013. "Swings in commercial and residential land prices in the United States," Journal of Urban Economics, Elsevier, vol. 73(1), pages 57-76.
  3. Joseph B. Nichols & Stephen D. Oliner & Michael R. Mulhall, 2010. "Commercial and residential land prices across the United States," Finance and Economics Discussion Series 2010-16, Board of Governors of the Federal Reserve System (U.S.).

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