The price and quantity of residential land in the United States

被引：259

作者：

Davis, Morris A. ^{[1
]}

Heathcote, Jonathan ^{[2
,3
,4
]}

机构：

[1] Univ Wisconsin, Dept Real Estate & Urban Land Econ, Madison, WI 53706 USA

[2] Fed Reserve Board, Washington, DC USA

[3] Georgetown Univ, Washington, DC 20057 USA

[4] CEPR, Minneapolis, MN USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2007年 / 54卷 / 08期

关键词：

land; land value; land prices; house prices;

D O I：

10.1016/j.jmoneco.2007.06.023

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

One can conceptualize a house as a bundle comprising a reproducible tangible structure and a nonreproducible plot of land. When the value of a home is decomposed this way, land capitalizes the market value of a home's location. We develop a formal relationship between the dynamics of house prices, structures costs and land prices, and thereby construct the first constant-quality price and quantity indexes for the aggregate stock of residential land in the United States. In a range of applications we show that these series can shed light on trends, fluctuations and regional variation in the price of housing. (c) 2007 Elsevier B.V. All rights reserved.

引用

页码：2595 / 2620

页数：26

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