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| Author: | Deaton, A. Laroque, G. |
| Title: | Housing, land prices, and growth |
| Journal: | Journal of Economic Growth
2001 : JUN, VOL. 6:2, p. 87-105 |
| Index terms: | Housing Land values Growth theory |
| Language: | eng |
| Abstract: | The authors consider the effects of land for housing on the growth process within an overlapping generations model. The original interest was to enquire whether the introduction of land into a growth model might account for a "virtuous" circle in which saving-up for land generates growth and higher land prices, generating further increases in saving, and so on. The authors find that the user cost of land reduces the resources available for consumption of reproducible goods, so that the introduction of intrinsically valuable land into a growth model lowers the equilibrium stock of capital and raises the equilibrium interest rate. |
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