The equilibrium effect of fundamentals on house prices and rents
成果类型：
Article
署名作者：
Sommer, Kamila; Sullivan, Paul; Verbrugge, Randal
署名单位：
United States Department of Labor
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2013.04.017
发表日期：
2013
页码：
854-870
关键词：
摘要：
Using a dynamic equilibrium model of housing tenure choice with fully specified markets for homeownership and rental properties, and endogenous house prices and rents, this paper studies the effect of fundamentals on equilibrium house prices and rents. Lower interest rates, relaxed lending standards, and higher incomes are shown to account for approximately one-half of the increase in the U.S. house price-rent ratio between 1995 and 2006, and to generate the pattern of rapidly growing house prices, sluggish rents, increasing homeownership, and rising household indebtedness observed in the data. Published by Elsevier B.V.
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