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

  • Davis, Morris A.

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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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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  1. Edward L. Glaeser & Joseph Gyourko, 2001. "Urban Decline and Durable Housing," Harvard Institute of Economic Research Working Papers 1931, Harvard - Institute of Economic Research.
  2. Simon Kuznets & Lillian Epstein & Elizabeth Jenks, 1946. "National Product Since 1869," NBER Books, National Bureau of Economic Research, Inc, number kuzn46-1, October.
  3. 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, October.
  4. 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, October.
  5. Monika Piazzesi & Martin Schneider & Selale Tuzel, 2006. "Housing, Consumption, and Asset Pricing," NBER Working Papers 12036, National Bureau of Economic Research, Inc.
  6. 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.
  7. Morris A. Davis, 2010. "housing and the business cycle," The New Palgrave Dictionary of Economics, Palgrave Macmillan.
  8. 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.
  9. Davis, Morris & Heathcote, Jonathan, 2005. "The Price and Quantity of Residential Land in the United States," CEPR Discussion Papers 5333, C.E.P.R. Discussion Papers.
  10. Matteo Iacoviello & Stefano Neri, 2008. "Housing market spillovers: Evidence from an estimated DSGE model," Temi di discussione (Economic working papers) 659, Bank of Italy, Economic Research and International Relations Area.
  11. 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).
  12. 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.
  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. Kiyotaki, Nobuhiro & Michaelides, Alexander & Nikolov, Kalin, 2010. "Winners and Losers in Housing Markets," CEPR Discussion Papers 7953, C.E.P.R. Discussion Papers.
  15. 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.).
  16. Jonathan Heathcote, 2003. "Housing and the Business Cycle," Working Papers gueconwpa~03-03-21, Georgetown University, Department of Economics.
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