| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5179 |
| 来源ID | Working Paper 5179 |
| Expectations, Efficiency, and Euphoria in the Housing Market | |
| Dennis R. Capozza; Paul J. Seguin | |
| 发表日期 | 1995-07-01 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | This paper studies expectations of capital appreciation in the housing market. We show that expectations impounded in the rent/price ratio at the beginning of the decade successfully predict appreciation rates, but only if we first control for cross-sectional differences in the quality of rental versus owner-occupied housing. We also demonstrate that observed rent/price ratios contain a disequilibrium component that also has power to forecast subsequent appreciation rates. Finally, we provide evidence consistent with euphoria: participants in housing markets appear to overreact to income growth. |
| 主题 | Regional and Urban Economics ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w5179 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562622 |
| 推荐引用方式 GB/T 7714 | Dennis R. Capozza,Paul J. Seguin. Expectations, Efficiency, and Euphoria in the Housing Market. 1995. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w5179.pdf（323KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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