G2TT
来源类型Discussion paper
规范类型论文
来源IDDP5345
DP5345 Property Tax and Urban Sprawl. Theory and Implications for U.S. Cities
Yves Zenou; Yan Song
发表日期2005-11-10
出版年2005
语种英语
摘要A house is a bundle comprising a physical structure and the plot of land upon which the house is built. Thus changes in house prices reflect changes in the cost of structures and value of land. In this paper we apply this insight to construct the first constant-quality price and quantity indexes for the aggregate stock of residential land in the United States. We document that the value of residential land exceeds annual GDP, and that the dynamics for the prices of residential land and residential structures are quite different. For example, the real price index for residential land almost tripled between 1975 and 2005, while the real price of structures increased by only 24 percent. Fluctuations in house prices at business cycle frequencies, including the recent boom, are primarily driven by changes in the price of land.
主题International Macroeconomics ; Public Economics
关键词Housing Land prices
URLhttps://cepr.org/publications/dp5345
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/534210
推荐引用方式
GB/T 7714
Yves Zenou,Yan Song. DP5345 Property Tax and Urban Sprawl. Theory and Implications for U.S. Cities. 2005.
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