(Working Papers SES ; 523)
The housing wealth-to-income ratio has been increasing in most developed economies since the 1950s. We provide a novel theory to explain this long-term pattern. We show analytically that house prices grow in the steady state if i) the housing sector is more land-intensive than the non-housing sector, or ii) technological progress in the construction sector is weaker than in the non-housing...
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In: Environmental and Resource Economics, 2007, vol. 36, no. 1, p. 15-34
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In: Macroeconomic Dynamics, 2013, vol. 17, no. 2, p. 402-430
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