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Fundamentals behind house prices

  • Li, Bin
  • Zeng, Zhixiong

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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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
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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  1. Morris A. Davis, 2010. "housing and the business cycle," The New Palgrave Dictionary of Economics, Palgrave Macmillan.
  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. 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. Jonathan Heathcote, 2003. "Housing and the Business Cycle," Working Papers gueconwpa~03-03-21, Georgetown University, Department of Economics.
  5. 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.
  6. 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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