The price and quantity of residential land in the United States

• 成果类型: Article
• 署名作者: Davis, Morris A.; Heathcote, Jonathan
• 署名单位: University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve System Board of Governors; Georgetown University; Center for Economic & Policy Research (CEPR)
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2007.06.023
• 发表日期: 2007
• 页码: 2595-2620
• 关键词: land; Land value; Land prices; house prices

摘要

One can conceptualize a house as a bundle comprising a reproducible tangible structure and a nonreproducible plot of land. When the value of a home is decomposed this way, land capitalizes the market value of a home's location. We develop a formal relationship between the dynamics of house prices, structures costs and land prices, and thereby construct the first constant-quality price and quantity indexes for the aggregate stock of residential land in the United States. In a range of applications we show that these series can shed light on trends, fluctuations and regional variation in the price of housing. (c) 2007 Elsevier B.V. All rights reserved.