House prices and fundamental value
This Economic Letter describes one of the measures commonly used to gauge the fundamental value of housing—the price-rent ratio. We describe the kinds of forces that cause the ratio to move over time and document which forces appear to be most important. We document the way that the housing market typically adjusts to changes in economic fundamentals.
Volume (Year): (2004)
Issue (Month): oct1 ()
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- John Y. Campbell & Robert J. Shiller, 1986.
"The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors,"
NBER Working Papers
2100, National Bureau of Economic Research, Inc.
- John Y. Campbell, Robert J. Shiller, 1988. "The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors," Review of Financial Studies, Society for Financial Studies, vol. 1(3), pages 195-228.
- Robert J. Shiller & John Y. Campbell, 1986. "The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors," Cowles Foundation Discussion Papers 812, Cowles Foundation for Research in Economics, Yale University.
- Cochrane, John H, 1992.
"Explaining the Variance of Price-Dividend Ratios,"
Review of Financial Studies,
Society for Financial Studies, vol. 5(2), pages 243-80.
- Jonathan McCarthy & Richard W. Peach, 2004. "Are home prices the next "bubble"?," Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 1-17.
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