Housing In A Neoclassical Growth Model
We present evidence that in the USA, the relative price of housing exhibits secular growth and that its growth rate is a stationary series. The ratio of the value of house stock to either consumption or GDP is also stationary. We develop a two-sector neoclassical growth model with housing that is consistent with these facts. Among the long-run determinants of the growth of housing prices and housing stock per capita are factor intensities, rates of technological progress in both the housing and non-housing sectors, and the excess of population growth over land growth. We also study the model's transitional dynamics. Copyright 2010 The Authors. Journal compilation 2010 Blackwell Publishing Asia Pty Ltd
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Volume (Year): 15 (2010)
Issue (Month): 2 (05)
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