Fundamentals behind house prices

被引：5

作者：

Li, Bin ^{[1
]}

Zeng, Zhixiong ^{[2
]}

机构：

[1] Hunan Univ Sci & Technol, Sch Business, Xiangtan 411201, Hunan, Peoples R China

[2] Monash Univ, Dept Econ, Caulfield, Vic 3145, Australia

来源：

ECONOMICS LETTERS | 2010年 / 108卷 / 02期

关键词：

House prices; Real interest rate; Two-sector growth; BUSINESS-CYCLE;

D O I：

10.1016/j.econlet.2010.04.041

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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. (C) 2010 Elsevier B.V. All rights reserved.

引用

页码：205 / 207

页数：3

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