Fundamental and Speculative Demands for Housing /:
This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine user-cost-...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2019]
|
| Schriftenreihe: | IMF working paper ;
WP/19/63. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine user-cost-of-housing and the elasticity of substitution between land and structures in producing housing services. I find that the impact of demand for housing services on house prices is amplified by a small elasticity of substitution, and demand explained four fifths of the U.S. house price boom in the 2000s. |
| Beschreibung: | 1 online resource (55 pages) |
| ISBN: | 1498302726 1498304583 9781498302722 9781498304580 |
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| 520 | 3 | |a This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine user-cost-of-housing and the elasticity of substitution between land and structures in producing housing services. I find that the impact of demand for housing services on house prices is amplified by a small elasticity of substitution, and demand explained four fifths of the U.S. house price boom in the 2000s. | |
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| author | Lian, Weicheng |
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| contents | Cover; Contents; Fundamental and Speculative Demands for Housing; I. Optimality Conditions of Producing Housing Services; II. The General Equilibrium Model; III. Quantitative Results; IV. Robustness Tests and Discussion; V. Concluding Remarks; REFERENCES |
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| spelling | Lian, Weicheng, author. http://id.loc.gov/authorities/names/no2010005408 Fundamental and Speculative Demands for Housing / by Weicheng Lian. [Washington, D.C.] : International Monetary Fund, [2019] ©2019 1 online resource (55 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Paper ; WP/19/63 Cover; Contents; Fundamental and Speculative Demands for Housing; I. Optimality Conditions of Producing Housing Services; II. The General Equilibrium Model; III. Quantitative Results; IV. Robustness Tests and Discussion; V. Concluding Remarks; REFERENCES This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine user-cost-of-housing and the elasticity of substitution between land and structures in producing housing services. I find that the impact of demand for housing services on house prices is amplified by a small elasticity of substitution, and demand explained four fifths of the U.S. house price boom in the 2000s. Print version record. Housing United States. Housing fast United States fast https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq International Monetary Fund, issuing body. http://id.loc.gov/authorities/names/n81052755 has work: Fundamental and Speculative Demands for Housing (Text) https://id.oclc.org/worldcat/entity/E39PCGBFfDXtrxX83kFht6JTDy https://id.oclc.org/worldcat/ontology/hasWork Print version: Lian, Weicheng. Fundamental and Speculative Demands for Housing. Washington, D.C. : International Monetary Fund, ©2019 9781498302722 IMF working paper ; WP/19/63. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=2094640 Volltext |
| spellingShingle | Lian, Weicheng Fundamental and Speculative Demands for Housing / IMF working paper ; Cover; Contents; Fundamental and Speculative Demands for Housing; I. Optimality Conditions of Producing Housing Services; II. The General Equilibrium Model; III. Quantitative Results; IV. Robustness Tests and Discussion; V. Concluding Remarks; REFERENCES Housing United States. Housing fast |
| title | Fundamental and Speculative Demands for Housing / |
| title_auth | Fundamental and Speculative Demands for Housing / |
| title_exact_search | Fundamental and Speculative Demands for Housing / |
| title_full | Fundamental and Speculative Demands for Housing / by Weicheng Lian. |
| title_fullStr | Fundamental and Speculative Demands for Housing / by Weicheng Lian. |
| title_full_unstemmed | Fundamental and Speculative Demands for Housing / by Weicheng Lian. |
| title_short | Fundamental and Speculative Demands for Housing / |
| title_sort | fundamental and speculative demands for housing |
| topic | Housing United States. Housing fast |
| topic_facet | Housing United States. Housing United States |
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