Bubbles in metropolitan housing markets:
A commonsense and empirically supported approach to explaining metropolitan real house price changes is for the theory to describe an equilibrium price level to which the market is constantly adjusting. The determinants of real house price appreciation, then, can be divided into two groups, one that...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
1994
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| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
4774 |
| Schlagworte: | |
| Zusammenfassung: | A commonsense and empirically supported approach to explaining metropolitan real house price changes is for the theory to describe an equilibrium price level to which the market is constantly adjusting. The determinants of real house price appreciation, then, can be divided into two groups, one that explains changes in the equilibrium price and the other that accounts for the adjustment dynamics or changing deviations from the equilibrium price. The former group includes the growth in real income and real construction costs and changes in the real after-tax interest rate. The latter group consists of lagged real appreciation and the difference between the actual and equilibrium real house price levels. Either group of variables can explain a little over two-fifths of the variation in real house price movements in 30 cities over the 1977-92 period; together, they explain three-fifths. |
| Beschreibung: | 21 S. graph. Darst. |
Internformat
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 4774 | |
| 520 | |a A commonsense and empirically supported approach to explaining metropolitan real house price changes is for the theory to describe an equilibrium price level to which the market is constantly adjusting. The determinants of real house price appreciation, then, can be divided into two groups, one that explains changes in the equilibrium price and the other that accounts for the adjustment dynamics or changing deviations from the equilibrium price. The former group includes the growth in real income and real construction costs and changes in the real after-tax interest rate. The latter group consists of lagged real appreciation and the difference between the actual and equilibrium real house price levels. Either group of variables can explain a little over two-fifths of the variation in real house price movements in 30 cities over the 1977-92 period; together, they explain three-fifths. | ||
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| 830 | 0 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 4774 |w (DE-604)BV002801238 |9 4774 | |
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Datensatz im Suchindex
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| author | Abraham, Jesse M. Hendershott, Patric H. |
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| geographic | USA |
| geographic_facet | USA |
| id | DE-604.BV009999378 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:44:41Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-006628819 |
| oclc_num | 30868925 |
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| physical | 21 S. graph. Darst. |
| publishDate | 1994 |
| publishDateSearch | 1994 |
| publishDateSort | 1994 |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Abraham, Jesse M. Verfasser aut Bubbles in metropolitan housing markets Jesse M. Abraham ; Patric H. Hendershott Cambridge, Mass. 1994 21 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 4774 A commonsense and empirically supported approach to explaining metropolitan real house price changes is for the theory to describe an equilibrium price level to which the market is constantly adjusting. The determinants of real house price appreciation, then, can be divided into two groups, one that explains changes in the equilibrium price and the other that accounts for the adjustment dynamics or changing deviations from the equilibrium price. The former group includes the growth in real income and real construction costs and changes in the real after-tax interest rate. The latter group consists of lagged real appreciation and the difference between the actual and equilibrium real house price levels. Either group of variables can explain a little over two-fifths of the variation in real house price movements in 30 cities over the 1977-92 period; together, they explain three-fifths. Metropolen gtt Onroerend-goedmarkt gtt Housing Prices United States USA Hendershott, Patric H. Verfasser (DE-588)128736593 aut National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 4774 (DE-604)BV002801238 4774 |
| spellingShingle | Abraham, Jesse M. Hendershott, Patric H. Bubbles in metropolitan housing markets National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Metropolen gtt Onroerend-goedmarkt gtt Housing Prices United States |
| title | Bubbles in metropolitan housing markets |
| title_auth | Bubbles in metropolitan housing markets |
| title_exact_search | Bubbles in metropolitan housing markets |
| title_full | Bubbles in metropolitan housing markets Jesse M. Abraham ; Patric H. Hendershott |
| title_fullStr | Bubbles in metropolitan housing markets Jesse M. Abraham ; Patric H. Hendershott |
| title_full_unstemmed | Bubbles in metropolitan housing markets Jesse M. Abraham ; Patric H. Hendershott |
| title_short | Bubbles in metropolitan housing markets |
| title_sort | bubbles in metropolitan housing markets |
| topic | Metropolen gtt Onroerend-goedmarkt gtt Housing Prices United States |
| topic_facet | Metropolen Onroerend-goedmarkt Housing Prices United States USA |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT abrahamjessem bubblesinmetropolitanhousingmarkets AT hendershottpatrich bubblesinmetropolitanhousingmarkets |